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OPEC lowers forecast for oil demand growth in 2024, 2025 — report

OPEC retained its forecast for growth in oil supply from non-OPEC+ countries

MOSCOW, August 12. /TASS/. OPEC has revised its forecast for oil demand growth for the first time since the beginning of the year by lowering the estimate for 2024 by 135,000 barrels per day (bpd), and for 2025 - by 65,000 bpd, according to the OPEC's August report.

According to the organization's forecast, in 2024 oil demand can grow by 2.1 million bpd, and in 2025 - by 1.8 million bpd. In absolute terms, oil demand this year may reach 104.32 million bpd, and next year it will reach 106.11 million bpd.

The organization explained that it had revised the forecast on receiving up-to-date data on the state of the oil market in the first quarter and partly in the second quarter, as well as due to a softening of the forecast for an increase in oil demand in China this year.

OPEC retained its forecast for growth in oil supply from non-OPEC+ countries. In 2024, the organization expects the figure to grow by 1.2 million bpd, to 53 million bpd, and in 2025 by 1.1 million bpd, to 54.1 million bpd.

The leaders in non-OPEC+ oil supply growth this year, according to OPEC+ data, will be the United States, Canada and Brazil, and next year - the same countries plus Norway. At the same time, the largest supply reduction is expected from Angola.

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