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OPEC maintains outlook on growth of global oil demand for 2024, 2025 again

OPEC also maintained its outlook on growth of oil supply from non-OPEC+ nations, which is expected at 1.2 mln barrels per day to 53 mln barrels per day in 2024

MOSCOW, July 10. /TASS/. OPEC has again maintained its outlook on growth of global oil demand for 2024 and 2025 at the level of 2.2 mln barrels per day and 1.8 mln barrels per day, according to OPEC’s July report.

The petroleum producers’ cartel has not changed its estimate since the beginning of 2024. In absolute terms oil demand may total 104.46 mln barrels per day in 2024 and 106.31 mln barrels per day in 2025.

OPEC also maintained its outlook on growth of oil supply from non-OPEC+ nations, which is expected at 1.2 mln barrels per day to 53 mln barrels per day in 2024 and at 1.1 mln barrels per day to 54.1 mln barrels per day in 2025.

This year among the main drivers of oil supply growth will be the US (with growth of production by 0.4 mln barrels per day), Canada, Brazil and Norway.

Next year production in those countries is also projected to increase, while the strongest output fall is projected in Angola.