OPEC – Monthly Oil Market Report, Oct 2024

The October 2024 OPEC Monthly Oil Market Report reviews the current state of the global oil market, focusing on demand, supply, and economic factors affecting oil prices. The report notes a 6.1% monthly decrease in the OPEC Reference Basket price, averaging $73.59 per barrel. Global oil demand growth for 2024 has been revised down by 106,000 barrels per day, primarily due to adjustments in OECD and non-OECD consumption. Additionally, the report highlights stable supply growth from non-OPEC countries, driven by increased production in the U.S., Canada, and Brazil. OPEC's outlook for 2025 shows a cautious approach, as global economic uncertainties, geopolitical tensions, and market volatility continue to impact oil production and pricing.