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OPEC Oil Demand Forecasts Expected to Slow 2024: Reuters Sources


OPEC's forecast for 2024 will likely be lower than the growth it expects this year of 2.35 million barrels per day, or 2.4% according to Reuters sources close to the group.

  • For 2024, three OPEC sources said that while demand growth was likely to show a slowdown it would not be as severe as the IEA predicts and growth will likely be above 1 million bpd and likely below 2 million bpd.
  • OPEC is expected to publish its first demand forecast for 2024 in its monthly report on July 13.
  • OPEC originally forecast demand growth in 2023 of 2.7 million bpd in its first forecast published in July 2022, later revising it down to 2.35 million bpd.

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