OPEC retains forecast for global oil demand growth in 2024, 2025

OPEC retains forecast for global oil demand growth in 2024, 2025

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OPEC retains forecast for global oil demand growth in 2024, 2025

The main drivers of oil supply growth this year are expected to include the United States (with an increase in production by 0.5 mln bpd), Canada, Brazil, and Norway

OPEC retained its forecast for global oil demand growth in 2024 and 2025 at 2.2 mln barrels per day (bpd) and 1.8 mln bpd, respectively, according to the March report of the organization.

In absolute terms, global oil demand could reach 104.46 mln bpd in 2024 and 106.3 mln bpd in 2025.

At the same time, OPEC lowered its forecast for the growth of oil supply from non-OPEC countries in 2024 by 120,000 bpd to 1.1 mln bpd, against the background of the extension of voluntary restrictions on oil production by a number of OPEC+ countries for the Q2 2024. In absolute terms, the figure could reach 70.53 mln bpd.

The main drivers of oil supply growth this year are expected to include the United States (with an increase in production by 0.5 mln bpd), Canada, Brazil, and Norway, while the largest decline in production is expected in Russia and Mexico.

The forecast for 2025 was increased by 0.1 mln bpd to 1.4 mln bpd and in absolute terms oil supply from non-OPEC countries could reach 71.9 mln bpd.