OPEC's December 2024 Monthly Oil Report

OPEC Revises Global Oil Demand Growth Forecasts to 1.93 Million BPD for Third Month

Oct 14, 2024, 11:30 AM

OPEC has revised its global oil demand growth forecasts downward for the third consecutive month. According to its October 2024 Monthly Oil Report, OPEC now projects 2024 global oil demand growth at 1.93 million barrels per day (bpd), down from the previous forecast of 2.03 million bpd, a reduction of 1.06 lakh bpd. The organization cited actual data received as the reason for this adjustment and also trimmed Chinese demand growth to 580,000 bpd. Additionally, OPEC has reduced its 2025 global oil demand growth forecast to 1.64 million bpd from 1.74 million bpd. OPEC's crude oil production in September 2024 averaged 26.04 million bpd, a decrease of 604,000 bpd from August, led by declines in Libya and Iraq.