OPEC lowers forecast for global oil demand growth in 2024

The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth in 2024 by about 80,000 barrels to about 2 million barrels per day, and lowered its forecast for 2025 by 40,000 barrels to 1.7 million barrels per day.

According to the organization’s monthly report, it maintained its forecast for non-OPEC supply growth at 1.2 million barrels per day this year and at 1.1 million barrels per day in 2025.

According to the organization’s monthly report issued today, Tuesday, September 10, OPEC raised its global economic growth estimates to 3% in 2024, while it fixed its global economic growth estimates at 2.9% in 2025.

In terms of supply growth from outside the Declaration of Cooperation countries, the organization fixed its forecast at 1.2 million barrels per day in 2024, as well as next year’s levels at 1.1 million barrels per day.

OPEC revealed that OPEC oil production decreased by 197 thousand barrels per day to record 26.5 million barrels per day in August 2024. The production of countries outside OPEC and participating in the Declaration of Cooperation also decreased by 108 thousand barrels per day to 14.06 million barrels per day. As for the production of the Declaration of Cooperation countries, it decreased by about 304 thousand barrels per day to 40.6 million barrels per day in August 2024.