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What will be OPEC's average crude oil production by November 2024?
2
Resolution / Starting Odds
25.5 million bpd or less • 25%
25.51 to 26.04 million bpd • 25%
26.05 to 26.54 million bpd • 25%
26.55 million bpd or more • 25%
OPEC Monthly Oil Report for November 2024
Story
OPEC Cuts 2024 Global Oil Demand Growth Forecast to 1.93 Million BPD for Third Month, Trims 2025 Forecast
Oct 14, 2024, 11:28 AM
OPEC has revised its global oil demand growth forecasts downward for the third consecutive month. According to the OPEC Monthly Oil Report for October 2024, the 2024 global oil demand growth forecast has been cut to 1.93 million barrels per day (bpd) from the previous forecast of 2.03 million bpd. Additionally, OPEC has trimmed its 2025 global oil demand growth forecast to 1.64 million bpd from the previous forecast of 1.74 million bpd. The organization cited actual data received as the basis for these adjustments. Furthermore, OPEC has reduced its forecast for Chinese demand growth to 580,000 bpd. The report also noted that OPEC crude oil production averaged 26.04 million bpd in September 2024, a decrease of 604,000 bpd from August, led by reductions in Libya and Iraq.
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Below 40 million bpd • 25%
40-41 million bpd • 25%
41-42 million bpd • 25%
Above 42 million bpd • 25%
Increase by more than 200,000 bpd • 25%
Increase by less than 200,000 bpd • 25%
Decrease by less than 200,000 bpd • 25%
Decrease by more than 200,000 bpd • 25%
Increase • 25%
Decrease • 25%
Remain the same • 25%
No data available • 25%
1.64 million bpd or less • 25%
Between 1.65 and 1.74 million bpd • 25%
Between 1.75 and 1.84 million bpd • 25%
1.85 million bpd or more • 25%
Less than 3 million bpd • 25%
3 - 3.65 million bpd • 25%
3.65 - 4 million bpd • 25%
More than 4 million bpd • 25%
Less than 13.5 million barrels per day • 25%
13.5 to 13.7 million barrels per day • 25%
13.7 to 13.9 million barrels per day • 25%
More than 13.9 million barrels per day • 25%
Libya • 25%
Iraq • 25%
Saudi Arabia • 25%
Other • 25%
No change in quotas • 25%
Increased quotas • 25%
Decreased quotas • 25%
No quotas set • 25%
Below 9.0 million b/d • 25%
Between 9.0 and 9.1 million b/d • 25%
Between 9.1 and 9.2 million b/d • 25%
Above 9.2 million b/d • 25%