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OPEC lowers global oil demand growth forecast for 2024

The Organization at the same time keeps the forecast of oil supply growth from non-OPEC+ countries at the level of 1.2 mln bpd in 2024 and 1.1 mln bpd in 2025

MOSCOW, October 14. /TASS/. The Organization of Petroleum Exporting Countries (OPEC) again revised the global oil demand growth forecast downward by 106,000 barrels per day (bpd) to 1.9 mln bpd, according to the October report of the Organization.

OPEC is lowering its expectations of oil demand growth for the third month in a row. In absolute terms, OPEC expects oil demand to be 104.14 mln bpd. The demand growth outlook for 2025 was also revised downward by 102,000 bpd to 1.6 mln bpd. The demand growth forecast was lowered mainly because of actual data received and smaller demand expectations in certain regions, OPEC said.

The Organization at the same time keeps the forecast of oil supply growth from non-OPEC+ countries at the level of 1.2 mln bpd in 2024 and 1.1 mln bpd in 2025. In absolute terms, indicators may reach 53.07 mln bpd this year and 54.17 mln bpd in the next year.

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