OPEC lowers forecast for global oil demand growth in 2024

OPEC’s monthly report for July revealed that the organization maintained its forecast for global economic growth at 2.9% for the current and next two years, unchanged from the organization’s latest estimates.

OPEC expected in its monthly report that global oil demand would rise by 2.11 million barrels per day in 2024, down from its forecast last month of growth of 2.25 million barrels per day.

The organization also maintained its forecast for economic growth at 2.9% for the years 2024 and 2025.

OPEC lowered its forecast for demand for oil from the Declaration of Cooperation countries to 43 million barrels per day in 2024, and to 43.6 million barrels per day in 2025. OPEC said that the organization’s oil production increased by 185,000 barrels per day to record 26.7 million barrels per day in July 2024, and the production of countries outside OPEC and participating in the Declaration of Cooperation decreased by 68,000 barrels per day to 14.1 million barrels per day.