OPEC cuts 2024 oil demand growth forecast by 100,000 bpd

The forecast for global oil consumption growth in 2024 has been revised downward by 106,000 barrels per day to 1.93 million bpd, which means oil consumption this year will be 104.14 million bpd, according to OPEC's monthly report, Report informs via Interfax.

Analysts have lowered demand estimates for Q1 by 90,000 bpd to 102.81 million bpd, for Q2 by 250,000 bpd to 103.36 million bpd, for Q3 by 80,000 bpd to 104.73 million bpd, while the Q4 estimate remains unchanged at 105.61 million bpd.

It is expected that in 2024, OECD countries will increase oil demand by 100,000 bpd, mainly in America, while European countries will show a slight decrease.

Non-OECD countries will demonstrate consumption growth of 1.8 million bpd, with China as the locomotive, and India, the Middle East, and Latin America also showing growth.

Analysts have also lowered the demand growth forecast for 2025 by another 100,000 bpd due to non-OECD countries, and now expect oil consumption next year to grow by 1.64 million bpd to 105.78 million bpd (OECD countries are expected to grow by 100,000 bpd, with the remaining growth coming from non-OECD countries).