OPEC – Monthly Oil Market Report, November 2024

The "Monthly Oil Market Report" for November 2024 by the Organization of the Petroleum Exporting Countries (OPEC) provides a comprehensive analysis of the global oil market, highlighting key developments and projections. In this edition, OPEC has revised its global oil demand growth forecasts for 2024 and 2025, citing economic weaknesses in China, India, and other regions. The 2024 demand growth is now expected to rise by 1.82 million barrels per day (bpd), down from the previous forecast of 1.93 million bpd. For 2025, the forecast has been reduced to 1.54 million bpd from 1.64 million bpd. These adjustments are attributed to factors such as reduced diesel use in China due to a slowdown in construction and increased LNG-fueled truck usage. Despite these downward revisions, OPEC's demand growth estimates remain higher than those of the International Energy Agency (IEA), which forecasts a growth of 860,000 bpd in 2024.