OPEC has revised its estimates of demand for OPEC+ crude by 100,000 b/d for both 2024 and 2025, it said July 10 in its closely watched monthly oil market report.
Its estimates of the call on OPEC+ crude was 43.1 million b/d in 2024 and 43.9 million b/d in 2025. That is significantly above the group’s June output, which was 40.80 million b/d, according to secondary sources — down 125,000 b/d month on month.
OPEC maintained its estimates of global oil demand growth at 2.25 million b/d in 2024, and 1.85 million b/d in 2025. That is significantly above estimates by other agencies. S&P Global Commodity Insights estimates oil demand growth at 1.6 million b/d in 2024 and 1.4 million b/d in 2025.
OPEC’s estimates of non-OPEC+ supply growth were also unchanged at 1.2 million b/d in 2024 and 1.1 million b/d in 2025.
Source: Platts