…The forecast for world oil demand growth in 2025 is also revised down by 102 tb/d to 1.6 mb/d, y-o-y.
…Nigeria’s crude oil production dropped marginally to 1,405 mb/d in September
MON OCT 14 2024-theGBJournal| OPEC said Monday, the global oil demand growth forecast for 2024 is revised down by 106 tb/d to 1.9 mb/d, y-o-y, still well above the historical average of 1.4 mb/d seen before the COVID-19 pandemic.
The cut is the producer group’s third consecutive downward revision.
The adjustment reflects actual data received, combined with slightly lower expectations for some regions, according to OPEC in its latest Monthly Oil Market Report (October 2024 OECD).
OPEC also projects oil demand to grow by more than 0.1 mb/d, y-o-y, in 2024, with the OECD Americas driving growth.
Non-OECD oil demand is forecast to grow by 1.8 mb/d, y-o-y, this year. The forecast for world oil demand growth in 2025 is also revised down by 102 tb/d to 1.6 mb/d, y-o-y.
Non-OECD oil demand is set to drive next year’s growth, increasing by about 1.5 mb/d, y-o-y, led by contributions from China, Other Asia, the Middle East, and India.
The OECD demand is forecast to expand by about 0.1 mb/d, y-o-y, with OECD Americas providing most of the
Meanwhile, Nigeria’s crude oil production dropped marginally to 1,405 mb/d in September.
According to secondary sources, crude oil output increased mainly in IR Iran and Kuwait, while production in Libya, Iraq, Nigeria, and Saudi Arabia decreased.
Nigeria’s production dropped from 1,438 mbp/d in August 2024 to 1,405 mb/pd September, close to July level of 1,401, according to OPEC secondary sources data.
Total OPEC-12 crude oil production averaged 26.04 mb/d in September 2024, which is 604 tb/d lower, m-o-m.
At the same time, total non-OPEC DoC crude oil production averaged 14.06 mb/d in September 2024, which is 47 tb/d higher, m-o-m.
Crude oil output increased mainly in Kazakhstan, while production in Russia decreased.
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