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OPEC Maintains 2024, 2025 Oil Demand Growth Forecast

OIL

OPEC maintained its oil demand growth forecasts for 2024 and for 2025 steady on the month according to the latest OPEC Monthly Oil Market Report.

  • Global oil demand growth is forecast at 2.2mbpd this year, unchanged on the moth.
  • Oil demand growth is seen at 1.8mbpd in 2025, unchanged month on month.
  • On the supply side, OPEC has lifted its non-OPEC supply growth forecast to 1.4mbpd in 2025, up from 1.3mbpd in last month’s report.
  • OPEC revised down Russian liquids output for this year to an average of 10.75mbpd, down from an average of 10.93mbpd in 2023.
  • OPEC crude oil output in February rose by 200kbpd on the month to 26.6mbpd. Iraq continued to pump above its quota at 4.203mbpd last month, 203kbpd above its target according to secondary sources.
  • The group raised the global economic-growth forecast for this year to 2.8%, from 2.7% previously, supported by strong growth in China, India and the US. The economic growth forecast for 2025 was left unchanged at 2.9%.
Energy BulletsCommodities
Energy BulletsCommodities

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