OPEC keeps outlook on global oil demand growth for 2024, 2025

OPEC kept its outlook on the growth of global oil demand for 2024 and 2025 unchanged at 2.2 mn barrels per day and 1.8 mn barrels per day, respectively, the cartel said in its April report.

In absolute terms, global oil demand may reach 104.46 mn barrels per day in 2024, and 106.31 mn barrels per day in 2025.

Moreover, OPEC has downgraded its outlook on the growth of oil supply from non-OPEC countries in 2024 by 0.1 mn barrels per day to 1 mn barrels per day.

The outlook for 2025 has been also downgraded by 0.1 mn barrels per day to 1.3 mn barrels per day.

The US, Brazil, Canada and Norway are expected to become the main supply growth drivers.

In its report, the organization also introduced a new indicator, the estimation of oil supply from non-OPEC+ countries.

OPEC explained that it was required for better reflection of the gap between supply from OPEC+ countries and non-OPEC+ nations.

In particular, non-OPEC+ countries will boost oil supplies by 1.2 mn barrels per day in 2024, and by 1.1 mn barrels per day in 2025.