OPEC Lowers 2024 Oil Demand Growth Forecast to 2.03 Million BPD, 2025 to 1.74 Million BPD

Sep 10, 2024, 12:03 PM

OPEC has revised its global oil demand growth forecasts for 2024 and 2025 downward. According to the OPEC Monthly Oil Market Report for September 2024, the forecast for 2024 has been cut to 2.03 million barrels per day (bpd) from the previous forecast of 2.11 million bpd. The 2025 forecast has been trimmed to 1.74 million bpd from the previous forecast of 1.78 million bpd. OPEC cited data received year to date as the reason for the adjustments. Additionally, OPEC's crude oil production averaged 26.59 million bpd in August 2024, a decrease of 197,000 bpd from July, primarily due to a decline in Libyan production. Non-OPEC+ supply growth remains unchanged at 1.23 million bpd for 2024 and 1.10 million bpd for 2025. OPEC+ crude production rose by 304,000 bpd month-over-month to 40.655 million bpd.