???? OPEC moderates its estimate of growth in demand for black gold

Paris: OPEC, the organization of oil exporting countries, still forecasts growth in demand for black gold in 2024 and 2025, but like last month, it revised it downward compared to its previous estimate, according to its latest monthly report published Tuesday.

The world will consume 104.03 million barrels per day (mb/d MBJ Abbreviation of Million(s) of Barrels (crude oil) per Dayknowing that a barrel is approximately equivalent to 159 liters or 42 American gallons.our) in 2024, after 102.21 in 2023, indicates in this report the cartel of oil countries which revises its forecasts each month depending on the economic situation.

For 2025, OPEC forecasts global consumption of 105.57 million barrels per day.

In its previous estimate in October, OPEC forecast global consumption of 104.14 mb/d MBJ Abbreviation of Million(s) of Barrels (crude oil) per Dayknowing that a barrel is approximately equivalent to 159 liters or 42 American gallons.our and 105.78 mb/d MBJ Abbreviation of Million(s) of Barrels (crude oil) per Dayknowing that a barrel is approximately equivalent to 159 liters or 42 American gallons.our next year.

The forecasts for 2024 are therefore slightly revised downwards by 107′000 barrels per day compared to the previous month’s assessment, to achieve a “satisfactory level” growth of 1.8 million barrels per day compared to 2023. Growth mainly driven by non-OECD countries, for nearly 1.7 mb/d MBJ Abbreviation of Million(s) of Barrels (crude oil) per Dayknowing that a barrel is approximately equivalent to 159 liters or 42 American gallons.primarily in China, but also in the Middle East, India and Latin America.

“This minor adjustment is mainly due to updating data for 1st, 2nd quarter and 3rd quarter 2024“, OPEC said.

In 2024, consumption will be sustained “by strong demand for transport fuels and continued healthy economic growth, particularly in a number of non-OECD countries. Likewise, increasing refining capacities and petrochemical margins – mainly in China and the Middle East – are expected to contribute to oil demand growth“, indicates OPEC.

For 2025, the growth in global demand for black gold is also revised slightly downward by 103′000 barrels per day compared to the last assessment, to reach 1.5 mb/d MBJ Abbreviation of Million(s) of Barrels (crude oil) per Dayknowing that a barrel is approximately equivalent to 159 liters or 42 American gallons.an increase again almost exclusively driven by non-OECD countries and supported by air travel, road mobility, industry and construction.

From a supply perspective, crude oil production by OPEC and its allies increased by 0.21 mb/d MBJ Abbreviation of Million(s) of Barrels (crude oil) per Dayknowing that a barrel is approximately equivalent to 159 liters or 42 American gallons. in October over one month, reaching an average of around 40.34 mb/d MBJ Abbreviation of Million(s) of Barrels (crude oil) per Dayknowing that a barrel is approximately equivalent to 159 liters or 42 American gallons. (after a drop of 0.56 mb/d MBJ Abbreviation of Million(s) of Barrels (crude oil) per Dayknowing that a barrel is approximately equivalent to 159 liters or 42 American gallons. in September and an average of 40.10 mb/d MBJ Abbreviation of Million(s) of Barrels (crude oil) per Dayknowing that a barrel is approximately equivalent to 159 liters or 42 American gallons.), OPEC said, citing “secondary sources“.

At the beginning of November, several members of OPEC+ (OPEC and its allies), including Saudi Arabia and Russia, announced an extension of their oil production cuts until the end of December, thus postponing the reopening of the floodgates while prices are at half mast.

All the ministers are due to meet on December 1 in Vienna, headquarters of OPEC.