OPEC – Monthly Oil Market Report, July 2024

The July 2024 OPEC Monthly Oil Market Report highlights a slight decline in the OPEC Reference Basket crude oil price in June, along with stable prices for ICE Brent and a slight increase for NYMEX WTI. Money managers showed less bearishness towards oil. The world economic growth forecast for 2024 has been revised slightly upwards to 2.9%, while oil demand is expected to grow by 2.2 mb/d. Non-DoC liquids supply is predicted to increase, with the US, Canada, and Brazil driving growth. Refinery margins declined in the Atlantic basin, while tanker freight rates showed mixed movements. There was a surge in US crude imports and an increase in product exports to Asia, Latin America, and Europe. Commercial oil stocks in OECD countries saw a build in May, with total stocks standing below the 2015-2019 average. Demand for DoC crude in 2024 and 2025 has been revised slightly downwards due to higher supply historical data.