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OIL: OPEC Revises Down Demand Growth for 2024 by 0.1m b/d: MOMR

OIL

OPEC lowered its demand growth to 2.0m b/d for 2024, down 80k b/d compared to last month’s assessment, according to their August Monthly Oil Market Report.

  • This would take global demand to 104.24m b/d in 2024.
  • For 2025, global oil demand growth is forecast at 1.74 mb/d, down 40k b/d from last month’s assessment.
  • OPEC+ supply was down 304k b/d on the month in July at 40.655m b/d, according to secondary sources.
  • Libya’s production was down 219k b/d to 956k b/d.
  • Iraqi production was down 50k b/d to 4.228m b/d, compared to their pledged output of 4m b/d.
  • Russia’s production was down 29k b/d to 9.059m b/d.
  • Non-OPEC+ liquids supply is expected to grow by 1.23m b/d in 2024, stable on the previous assessment.
  • Non-OPEC+ growth is expected to be driven mainly by the US, Brazil, and Canada.
  • In 2025, non-OPEC+ liquids supply is seen growing by 1.10m b/d, unchanged on the last report.

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