OPEC maintains its forecast for global oil demand growth in 2024

In its monthly report for the month of June, OPEC maintained its expectations for global economic growth at 2.8% in 2024, and confirmed its expectations for global economic growth at 2.9% in 2025.

OPEC maintained its expectations for the growth of global oil demand at 2.2 million barrels per day in 2024, and also confirmed its expectations for the growth of global oil demand at 1.8 million barrels per day in 2025.

It also confirmed its expectations for the growth of supplies from outside the Declaration of Cooperation (DoC) countries at 1.2 million barrels per day in 2024, and maintained its expectations for the growth of supplies from outside the Declaration of Cooperation (DoC) countries at 1.1 million barrels per day in 2025.

The organization maintained its expectations for demand for oil from the Declaration of Cooperation (DoC) countries at 43.2 million barrels per day in 2024, and also fixed its expectations for demand for oil from the Declaration of Cooperation (DoC) countries to record 43.9 million barrels per day in 2025.

Oil production from OPEC countries increased by about 29 thousand barrels per day to reach 26.629 million barrels per day in May 2024, and oil production from countries outside OPEC and participating in the Declaration of Cooperation decreased by 152 thousand barrels per day to 14.293 million barrels per day in May 2024.