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OPEC downgrades outlook on growth of global oil demand to 1.8 mbd

In absolute terms, OPEC projects oil demand for 2024 at 104.03 mbd

MOSCOW, November 12. /TASS/. OPEC has again downgraded its outlook on growth of global oil demand for 2024 by 107,000 barrels per day (bpd) to 1.8 mln barrels per day (mbd), according to its November report. The oil cartel has been downgrading its expectations on growth of oil demand for the fourth consecutive month.

In absolute terms, OPEC projects oil demand for 2024 at 104.03 mbd. The demand growth outlook for 2025 has also been downgraded by 103,000 bpd to 1.5 mbd. In absolute terms, it may total 105.57 mbd.

The outlook on growth of demand has been downgraded amid the latest data from India, China, other Asian countries and from Africa, OPEC said, adding though that those countries and regions of the world, as well as Latin American and Middle Eastern countries, will account for around 1.7 mln barrels per day worth of demand growth this year.

That said, the organization maintained its outlook on growth of oil supply from non-OPEC+ countries at 1.2 mln barrels per day for 2024 and 1.1 mln barrels per day for 2025. In absolute terms, growth may reach 53.07 mln barrels per day this year and 54.17 mln barrels per day next year.

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