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Global oil demand to increase by 2.2 mln bpd in 2024, by 1.8 mln bpd in 2025 — OPEC

According to the organization, oil consumption in 2024 will be sustained by robust demand for air travel and automotive travel, as well as activity in non-OECD nations' industries, construction, and agriculture

MOSCOW, January 17. /TASS/. The Organization of Petroleum Exporting Countries (OPEC) maintained its forecast for global oil demand growth in 2024 at 2.2 mln barrels per day (bpd), to 104.4 mln bpd, according to the January OPEC report. In 2025, the organization expects demand growth to slow to 1.8 mln bpd.

In absolute terms, global oil demand could reach 106.2 mln bpd in 2025.

According to OPEC, oil consumption in 2024 will be sustained by robust demand for air travel and automotive travel, as well as activity in non-OECD nations' industries, construction, and agriculture. Furthermore, in these same countries, particularly China and the Middle East, oil demand will be supported by increased petrochemical capacity and profits.

OPEC also lowered its forecast for oil supply growth in 2024 from non-OPEC countries by 100,000 barrels per day (bpd) to 1.3 mln bpd. The same increase in the figure is expected for 2025. In absolute terms, oil supply from non-OPEC countries is expected to reach 70.4 mln bpd in 2024 and 71.7 mln bpd in 2025.

According to OPEC's forecast, the United States, Canada, Guyana, Brazil, Norway, and Kazakhstan will be the primary sources of supply growth this year. A rise in oil supply, except offshore production in the United States, which will account for 49% of non-OPEC production growth, will encourage offshore projects, mostly in Latin America. At the same time, Mexico and Angola are predicted to have the sharpest fall in production.

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