OPEC revises oil demand growth downwards in 2024 and 2025

The world will consume 103.82 million barrels per day (mbd) in 2024, after 102.21 million in 2023, OPEC details in its report, which examines its projections every month depending on the situation.

By 2025, OPEC forecasts global consumption of 105.27 mbd.

In its previous estimate in November, the cartel of oil countries estimated world consumption of 104.03 mbd and 105.57 mbd for the next two years.

This slight downward revision in the projections is due to a “small adjustment” especially “due to the update of the data for the first, second and third quarters of 2024,” indicates OPEC.

The increase in demand comes mainly from countries that are not part of the OECD. “China’s steady economic growth, driven by activity in India and other non-OECD countries, should be the main drivers of oil demand growth,” OPEC predicts.

Within the OECD, “the American continent will boost demand, supported somewhat by Europe,” he adds.