OPEC – Monthly Oil Market Report, May 2024

In May 2024, the OPEC Reference Basket value rose by 5.8%, reaching an average of $89.12/b. Oil futures prices also rose, with ICE Brent and NYMEX WTI front-month contracts increasing. The world economic growth forecasts for 2024 and 2025 remained relatively stable, with slight revisions in some countries. Global oil demand growth for 2024 is forecasted at 2.2 mb/d, while for 2025 it is expected to be at 1.8 mb/d. The non-DoC liquids supply is projected to grow in both 2024 and 2025, with key drivers being the US, Canada, Brazil, and Norway. Refinery margins decreased in April due to higher processing rates and increased product output, particularly in the Atlantic Basin. Global refinery intake slightly increased to 80.0 mb/d in April.