OPEC cuts forecast for oil demand growth, revises forecast for coming years
Date
9/11/2024 6:08:21 AM
(MENAFN) OPEC has revised its forecast for global oil demand growth this year, lowering it to approximately two million barrels per day. According to its latest monthly report, while this represents a decrease from previous estimates, the current demand growth remains well above the pre-pandemic levels of 1.4 million barrels per day. The reduction of 80,000 barrels per day in the forecast is attributed to a review of actual data collected since the start of the year.
The report highlights that demand growth from OECD countries is expected to increase by 100,000 barrels per day this year, whereas non-OECD countries are anticipated to see a growth of 1.9 million barrels per day. Looking ahead, OPEC has also slightly adjusted its forecast for global oil demand growth in 2025, reducing it by 40,000 barrels per day to a total of 1.7 million barrels per day. This adjustment reflects expectations that growth in demand will be driven primarily by countries outside the OECD.
In terms of supply, OPEC has maintained its projection for oil output from non-OPEC+ countries at an increase of 1.2 million barrels per day for 2024. The forecast for non-OPEC+ oil supply growth in 2025 remains unchanged at 1.1 million barrels per day. Additionally, the report notes that OPEC+ countries experienced a decrease in production of about 304,000 barrels per day in August, bringing their total production to 40.66 million barrels per day.
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