Free Trial

OPEC Maintains 2024 Demand Growth Forecast at 2.2mbpd

OIL

OPEC maintained its oil demand growth forecast for 2024 and 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. OECD oil demand is expected to grow by around 0.3mbpd this year, while non-OECD demand is forecast to rise by around 2mbpd.
  • Chinese oil demand is forecast to grow by 630kbpd this year.
  • Oil demand growth is seen at 1.8mbpd in 2025, unchanged month on month, with Chinese oil demand accounting for 410kbpd.
  • On the supply side, non-OPEC liquids production is expected to grow by 1.2mbpd this year, revised down by 150kbpd on the month.
  • OPEC January crude oil production declined by 350kbpd on the month to 26.432mbpd according to secondary sources.
  • January refinery margins showed solid gains in the USGC, amid lower product supplies due to weather-related refinery outages that constrained product stock builds ahead of the maintenance season. Global refinery intake declined on the month in January by 1.1mbpd to average 80.8mbpd.
  • Iraq’s crude oil output last month stood at 4.194mbpd, secondary sources data showed, above its quota of 4mbpd.
  • OPEC-12 slightly revised up the world economic growth forecast to 2.7% for 2024 and 2.9% for 2025.
  • US economic growth has been revised higher for 2024 to 1.6% and for 2025 to 1.7%.

To read the full story

Close

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.