OPEC lowers global oil demand growth forecast for third consecutive month

The Organization of Petroleum Exporting Countries (OPEC) has once again revised its global oil demand growth forecast downward by 106,000 barrels per day (bpd) to 1.9 million bpd, according to its October report.

This marks the third consecutive month of declining expectations for oil demand growth, News.Az reports.

OPEC now anticipates total oil demand to reach 104.14 million bpd. Additionally, the growth outlook for 2025 has been adjusted downward by 102,000 bpd to 1.6 million bpd. The revisions were primarily driven by actual data received and reduced demand expectations in specific regions.

Despite the lowered demand forecasts, OPEC maintains its predictions for oil supply growth from non-OPEC+ countries at 1.2 million bpd for 2024 and 1.1 million bpd for 2025, with absolute figures projected to reach 53.07 million bpd this year and 54.17 million bpd next year.

News.Az