OPEC keeps oil demand growth expectations unchanged during 2024

In its monthly report for July 2024, OPEC maintained expectations for global oil demand at 2.2 million barrels per day during 2024, and maintained expectations for global oil demand growth at 1.8 million barrels per day in 2025.

OPEC raised its estimate for global economic growth to 2.9% in 2024. OPEC also fixed its estimate for global economic growth at 2.9% in 2025. OPEC also confirmed the growth expectations of supplies from outside the Declaration of Cooperation (DoC) countries at 1.2 million barrels per day in 2024, and also maintained the growth expectations of supplies from outside the Declaration of Cooperation (DoC) countries at 1.1 million barrels per day in 2025.

OPEC reduced expectations for demand for oil from the Declaration of Cooperation (DoC) countries to 43.1 million barrels per day in 2024, and it also reduced expectations for demand for oil from the Declaration of Cooperation (DoC) countries to 43.9 million barrels per day in 2025.

Regarding production, OPEC oil production declined by 80,000 barrels per day to record 26.5 million barrels per day in June 2024.

The production of countries outside OPEC and participating in the Declaration of Cooperation also decreased by 45 thousand barrels per day, at 14.2 million barrels per day. Production of countries in the Declaration of Cooperation (DoC) decreased by about 125 thousand barrels per day, at 40.8 million barrels per day.