OPEC reports average price of reference basket crude oils rises 1.2 percent in October
Date
11/13/2024 4:03:06 AM
(MENAFN) The Organization of the petroleum Exporting Countries (OPEC) reported that the average price of its reference basket of crude oils rose by 1.2 percent in October, reaching USD74.45 per barrel. Meanwhile, futures contracts for Brent, West Texas Intermediate, and Oman crude saw increases ranging from 2.9 percent to 3.4 percent. This rise in prices reflects stable oil demand and market shifts, despite global market slowdowns and fluctuating expectations.
In its November report, OPEC slightly adjusted its global economic growth projections for 2024 and 2025, revising them to 3.1 percent for 2024 and 3.0 percent for 2025. The growth forecast for the US economy saw a significant improvement, now pegged at 2.7 percent for 2024, driven by strong performance in the second and third quarters of the year. Growth projections for other major economies, including Japan, the euro area, China, and India, remained largely unchanged.
For Japan, economic growth is expected to be modest, with a forecast of 0.1 percent in 2024 and 0.9 percent in 2025. The euro area is projected to see growth of 0.8 percent in 2024 and 1.2 percent in 2025. Meanwhile, China and India are expected to maintain strong growth, with forecasts of 4.9 percent for China and 6.8 percent for India in 2024. China's 2025 growth forecast was slightly revised upwards to 4.7 percent, thanks to new stimulus measures.
OPEC also lowered its global oil demand forecast for 2024 to 1.8 million barrels per day, down from previous estimates, based on updated data for the first three quarters of the year. Demand in OECD countries is expected to grow by 0.2 million barrels per day, while non-OECD countries are expected to see a rise of 1.7 million barrels per day. For 2025, global demand growth is projected to slow to 1.5 million barrels per day, with OECD countries showing a growth of 0.1 million barrels per day and non-OECD countries increasing by 1.4 million barrels per day.
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