OPEC has reduced its oil demand growth forecasts for this year by 135,000 barrels per day for the first time since the beginning of the year and by 65,000 barrels per day for the next year. According to the Organization of the Petroleum Exporting Countries, demand growth for black gold is expected to reach 2.1 million barrels per day by 2024, totaling 104.32 million barrels per day. In 2025, oil demand is projected to grow by 1.8 million barrels per day, reaching 106.11 million barrels per day.
The organization explained in its August report that the reduction in forecasts is due to recent data from the oil market in the first quarter and partially in the second quarter of 2024, as well as a downturn in expectations regarding oil demand growth in China for this year. At the same time, OPEC maintained its expectations for oil supply growth from countries outside the OPEC+ group, forecasting an increase of 1.2 million barrels per day to 53 million barrels per day in 2024, and an increase of 1.1 million barrels per day to 54.1 million barrels per day in 2025.
Regarding OPEC+ production, the OPEC report indicated that the countries participating in the OPEC+ agreement, excluding Libya, Iran, and Venezuela, which are exempt from cuts, increased their production by 110,000 barrels per day to 35.609 million barrels per day, taking into account all voluntary production cuts.
