OPEC has revised its global oil demand growth forecasts for 2024 and 2025, citing weaker expectations for China’s demand growth.
The organization now projects a 2.11 million barrels per day (bpd) increase in 2024, down from the previous forecast of 2.25 million bpd.
For 2025, the forecast has been reduced by 60,000 bpd to 1.78 million bpd. In July 2024, OPEC’s crude oil production averaged 26.75 million bpd, an increase of 185,000 bpd from June.
5The organization has maintained its non-OPEC supply growth forecast at 1.2 million bpd for 2024 and its Eurozone economic growth forecast at 1.2% for 2025.
