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Global Oil Demand Growth Above non-OPEC Supply Growth in 2024: StanChart

OIL

Global oil demand growth is expected to remain above historical trend levels at 1.54mb/d in 2024 and 1.41mb/d in 2025 according to Standard Chartered via Bloomberg. Demand is forecast to reach 104mb/d for the first time in August.

  • China will be a key driver of growth, estimated at 553kb/d in 2024 and 373kb/d in 2025.
  • US crude supply growth to fall approximately 50% to 464kb/d in 2024.
  • The need for crude from OPEC will be bolstered by non-OPEC supply growth lagging behind demand each year.
  • “Strong demand and decelerating non-OPEC supply growth should support prices at higher levels.”

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