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OPEC lowers forecast for global oil demand growth in 2024-2025 for 2nd month in a row

In 2024, the organization expects that oil demand may grow by 2 million bpd, to 104.24 million bpd, and in 2025 - by 1.7 million bpd, to 105.99 million bpd

MOSCOW, September 10. /TASS/. OPEC has revised its forecast for global oil demand growth downwards for the second month in a row - the estimate for 2024 has been lowered by 80,000 barrels per day (bpd), and for 2025 - by 40,000 bpd, according to an OPEC report.

In 2024, the organization expects that oil demand may grow by 2 million bpd, to 104.24 million bpd, and in 2025 - by 1.7 million bpd, to 105.99 million bpd.

OPEC indicates that such a minor adjustment mainly reflects the current data received since the beginning of the year. Nevertheless, demand growth remains significantly higher than the pre-Covid average of 1.4 million bpd.

OPEC retained its forecast for growth in oil supply from non-OPEC+ countries. This indicator will grow by 1.2 million bpd to 53 million bpd in 2024 and by 1.1 million bpd to 54.2 million bpd in 2025.

The growth in oil demand in OECD countries in 2024 will amount to 0.1 million bpd, mainly due to the American continent. Non-OECD countries will provide an increase in oil demand by 1.8 million bpd, mainly due to China, as well as countries in Asia, India, the Middle East and Latin America.

The leaders in non-OPEC+ oil supply growth this year, according to OPEC+, will be the United States, Canada and Brazil, and next year - the same countries and Norway. In 2025, the largest decrease in supply is expected from Angola.

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