Despite the third consecutive downward revision, the Organization of the Petroleum Exporting Countries (OPEC) stated that this year's global oil demand growth remains "well above the historical average of 1.4 million barrels per day (bpd) seen before the COVID-19 pandemic."
Key Highlights:
Downward Revision: On October 14, OPEC further adjusted its forecasts for global oil demand growth for this year and next, marking the third consecutive month of revisions.
2024 Demand Growth: In its October oil market report, OPEC projected a global oil demand growth of 1.93 million bpd for 2024, down 106,000 bpd from the previously expected growth of 2.03 million bpd.
Reasons for Adjustment: OPEC attributed this adjustment to "actual data received combined with slightly lower expectations for oil demand performance in some regions."
2025 Demand Growth: For 2025, OPEC cut its global oil demand growth estimate to 1.64 million bpd, down from last month's assessment of 1.74 million bpd.
Historical Context:OPEC had maintained its global oil demand growth forecasts of 2.25 million bpd for this year and 1.85 million bpd for next year since July of last year. The organization made two previous downward adjustments in its monthly reports published in August and September.
Production Cuts:Last month, eight member countries of OPEC+, which includes OPEC and its allies, announced an extension of their voluntary oil production cuts by two months, lasting until November. These countries plan to gradually phase out these output cuts starting in December.
