OPEC Revises Oil Demand Projections for 2024 and 2025

The Organization of the Petroleum Exporting Countries (OPEC) has adjusted its global oil demand growth forecast for 2024, lowering it to 1.6 million barrels per day (bpd) from the previously estimated 1.8 million bpd. This revision comes as part of the latest report released on Wednesday.

The total world oil demand is now expected to reach 105.5 million bpd in the fourth quarter of 2024 and 103.8 million bpd for the entire year. In addition, OPEC has also reduced its global demand growth outlook for 2025 to 1.4 million bpd, anticipating a total demand of 105.3 bpd for that year.

According to OPEC, the growth is expected to be driven by strong air travel demand and healthy road mobility, including on-road diesel and trucking, as well as robust industrial, construction, and agricultural activities in non-OECD countries.