OPEC Monthly Report

OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group's second consecutive downward revision. The weaker outlook further underscores the challenge faced by OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia in balancing the market. Last week, OPEC+ delayed a plan to start pumping more oil after prices hit the lowest in 2024. On Tuesday, OPEC in a ...

As oil stands at critical yearly lows, higher weight can be attributed to the upcoming monthly reports and outlooks from OPEC, IEA, and EIA this week. The supply production quotas that were forecasted to be elevated during October have reached a turning point given the respective yearly weakness of oil prices. OPEC’s intervention with supply cuts at the start of 2024 significantly boosted gains, in line with broader market sentiment around potential rate cuts. This scenario presents a potential déjà vu, as the alignment of policies ...

For the first time, Opec has downgraded its global oil demand growth forecasts for 2024 and 2025. In its latest Monthly Oil Market Report (MOMR), the group has revised down its demand growth projection for 2024 to 2.11mn b/d from 2.25mn b/d, having previously kept the forecast for this year unchanged since it was first released in July 2023. Opec put the revision primarily down to "softening expectations for China's oil demand growth" and actual data received for the first half of the year. It now sees Chinese oil demand growing by ...

OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and next year, saying on Wednesday that resilient economic growth and air travel would support fuel use in the summer months. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand would rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month. "Expected strong mobility and air travel in the Northern Hemisphere during the summer ...

Chinese crude oil imports over the first five months of the year were down by 130,000 bpd from a year earlier. In any other country, this would have been business as usual. In China, it may spell doom for prices. The world’s biggest importer of crude is the logical focus of all demand projections and, consequently, price projections. Whatever their differences, the IEA and OPEC invariably point to China in their oil market reports as the driver of demand—and prices. This year, however, China may turn into a driver of pessimism in oil ...