TUE MAY 14 2024-theGBJournal| The Organisation of the Petroleum Exporting Countries (OPEC) retained its global oil demand growth forecast for 2024, reiterating its bullish outlook for 2024 crude demand, expecting it to rise by 2.25 million b/d, almost double the IEA’s forecast of 1.2 million b/d and the EIA’s call of 0.92 million b/d.
OPEC, in its monthly report, said there were some minor upward adjustments to 1Q24 data, including a slight upward adjustment in OECD Americas and Chinese data due to better-than-expected performance in oil demand in 1Q24.
”However, this increase was offset by a downward revision to the Middle East in 2Q24 and 3Q24 due to an anticipated slight decline in these two quarters,” it added.
OPEC projected OECD to expand by nearly 0.3 mb/d, while the non-OECD is forecast to grow by about 2.0 mb/d. Global oil demand growth in 2025 is expected to remain robust at 1.8 mb/d, y-o-y, unchanged from the previous month’s assessment.
Similarly, OPEC projects 2024 demand for Declaration of Cooperation (DoC) crude at 43.2 million bpd, compared with world oil demand of 104.5 million bpd, and said the group produced 41.02 million bpd in April, below the expected demand.
Meanwhile, the monthly report said Nigeria’s crude production rose marginally to 1.28 million barrels daily in April.
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