OPEC’s monthly oil market report was published on September 10. The cartel slahsed demand estimates again.
- oil demand will grow by 2 million b/d in 2024
- this is down 80,000 b/d from the forecast in August
- for 2025, demand will rise a further 1.7 million b/d, a 40,000 b/d downward revision
OPEC has lowered its “call on OPEC+ crude” for 2024 by 360,000 b/d over the past five months
- and for 2025 by 530,000 b/d over that period
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ps. “Call on OPEC+ crude” refers to the demand or requirement for oil from OPEC+ countries to balance the global oil market. The “call” represents the amount of crude oil that the world needs from these producers to meet global oil demand, after considering other sources of oil supply (like non-OPEC producers) and changes in global oil inventories. It’s an indicator of how much oil OPEC+ needs to produce to stabilize prices and ensure enough supply to meet demand.
OPEC+ is a group of oil-producing nations, including the Organization of the Petroleum Exporting Countries (OPEC) and additional non-OPEC members like Russia.