10 Jul 2024 | 12:30 UTC

OPEC cuts calls on OPEC+ crude for 2024, 2025

Highlights

Sees demand for OPEC+ crude at 43.1 mil b/d in 2024, 43.9 mil b/d in 2025

OPEC maintains global oil demand growth, non-OPEC+ supply forecasts

OPEC+ June output down 125,000 b/d on month to 40.80 mil b/d: secondary sources

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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.

Editor:

Dan Lalor