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OIL: OPEC Revises Down Demand Growth for 2024 by 0.1m b/d: MOMR
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.
To read the full story
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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.