The Organisation of the Petroleum Exporting Countries (OPEC) has trimmed its guidance for oil demand growth in 2024 for the fifth time this year, it said in its final monthly oil market report (MOMR) for the year.
The producer group now expects 2024 oil demand to grow by 1.61 million barrels per day - cutting its previous forecast by 210,000 barrels per day. This was driven by growth projections being lowered in the Americas, India, and the Middle East. For the first half of the year, oil demand growth was expected to be over 2 million barrels per day for 2024.
OPEC also cut its full year 2025 oil demand growth forecast by 90,000 barrels per day to 1.45 million. This was driven by reduced demand from projections from the Middle East.