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OPEC keeps outlook on oil demand growth for 2024, 2025

In absolute terms, global oil demand may reach 104.4 mln barrels per day in 2024, and 106.25 mln barrels per day in 2025

MOSCOW, February 13. /TASS/. OPEC’s outlook on growth of global oil demand for 2024 and 2025 remains at 2.2 mln barrels per day and 1.8 mln barrels per day, respectively, the cartel said in its February report.

In absolute terms, global oil demand may reach 104.4 mln barrels per day in 2024, and 106.25 mln barrels per day in 2025.

This year’s world oil demand is expected to be bolstered by strong air travel demand and increased road mobility, including on-road diesel and trucking, as well as healthy industrial, construction and agricultural activities, particularly in non-OECD countries, OPEC said, adding that capacity additions and petrochemical margins in non-OECD countries - mostly in China and the Middle East - are also expected to contribute to oil demand growth.

Meanwhile OPEC has downgraded its outlook on growth of oil supply from non-OPEC countries in 2024 by around 150,000 barrels per day to 1.2 mln barrels per day, though it did not change its outlook for 2025, leaving it at 1.3 mln barrels per day. In absolute terms, oil supply by non-OPEC nations is projected at 70.5 mln barrels per day in 2024, and at 71.8 mln barrels per day in 2025.

The US, Brazil, Canada, Norway, Kazakhstan and Guyana are expected to become the main supply growth drivers this year, according to OPEC’s report. On the other hand, a considerable decrease in production is projected in Mexico and Angola.

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