OPEC Monthly Oil Report for November 2024

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.