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OIL: OPEC Maintains 2024 Oil Demand Growth at 2.2mb/d

OIL
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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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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.