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Free AccessOIL: OPEC Maintains 2024 Oil Demand Growth at 2.2mb/d
The global oil demand growth forecast for 2024 remained unchanged from last month at 2.2mb/d, according to the latest OPEC monthly oil market report.
- OECD oil demand is expected to grow by 0.2mb/d while the non-OECD forecast remains at 2.0mb/d with China the primary oil demand driver.
- Global oil demand is forecast to grow by an average of 2.3mb/d in H2 2024 with an expected shift towards more accommodative monetary policies from major central banks.
- The global oil demand growth forecast for 2025 is also kept unchanged at 1.8mb/d.
- The non-Declaration of Cooperation liquids supply growth of 1.2mb/d is forecast for 2024 and a further 1.1 mb/d in 2025 led by US, Canada, Brazil and Norway.
- The DoC-22 crude oil production in May dropped by 123kb/d m/m to 40.92mb/d and OPEC 12 output rose by 29kb/d to 26.63mb/d as reported by available secondary sources.
- Demand for DoC crude remains unchanged at about 43.2mb/d in 2024 and 0.9mb/d higher than estimated for 2023.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.