OPEC lowers its forecast for oil demand growth in 2025

The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth for the fourth consecutive time by 107,000 barrels per day to 1.8 million barrels per day in 2024.

OPEC expected a decline in demand for black crude during the next year by about 103,000 barrels per day, reaching 1.5 million barrels per day.

OPEC raised its estimates for global economic growth to 3.1% in 2024, and 3% in 2025.

On the other hand, OPEC kept its estimates for the growth of supplies from outside OPEC+ unchanged in 2024, as it expects them to reach 1.23 million barrels per day, with its expectations for the growth of these supplies for 2025 stable at 1.11 million barrels per day.

OPEC oil production rose by 466,000 barrels per day to 26.535 million barrels per day in October, while production from non-OPEC countries participating in the Declaration of Cooperation fell by 251,000 barrels per day to 13.803 million barrels per day.

As for the Declaration of Cooperation countries, production rose by 215,000 barrels per day to 40.338 million barrels per day in October.

OPEC also lowered its estimates for global oil demand growth in 2025 to 1.54 million barrels per day, indicating expectations of lower demand rates in the coming period, and reflecting the continued economic challenges facing the global economy and the energy market in general.