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The global oil demand growth forecast for 2024 remains unchanged at 2.2 mb/d, with the OECD growing by around 0.3 mb/d and the non-OECD by about 2.0 mb/d. The global oil demand growth in 2025 is expected to see a robust growth of 1.8 mb/d, y-o-y. The OECD is expected to grow by 0.1 mb/d, y-o-y, while demand in
- OPEC Digital Publications - Monthly Oil Market Report
Non-OECD oil demand is forecast to grow by 1.8 mb/d, y-o-y,...
- OPEC Digital Publications - Monthly Oil Market Report
Non-OECD oil demand is forecast to grow by 1.8 mb/d, y-o-y, this year. The forecast for world oil demand growth in 2025 is also revised down by 102 tb/d to 1.6 mb/d, y-o-y. Non-OECD oil demand is set to drive next year’s growth, increasing by about 1.5 mb/d, y-o-y, led by contributions from China, Other Asia, the Middle East, and India.
OPEC’s World Oil Outlook (WOO) is part of the Organization’s commitment to market stability. The publication is a means to highlight and further the understanding of the many possible future challenges and opportunities that lie ahead for the oil industry. It is also a channel to encourage dialogue, cooperation and transparency between OPEC ...
In the medium term, around 6.3 mb/d of refining capacity additions are expected at the global level. The majority of new capacity is projected for the Asia-Pacific (3.2 mb/d), Africa (1.4 mb/d) and the Middle East (1.2 mb/d). The global annual average rate of capacity additions for the period from 2024–2029 is estimated at just above 1 mb/d.
The strong projected demand growth in the petrochemical sector, especially in Asia, is set to lead to increased naphtha demand (+2.8 mb/d) too. Demand growth in the aviation sector sees jet/kerosene rising by 4 mb/d between 2023 and 2050, while road transportation is the key sector for increases in diesel/gasoil (+3.5 mb/d) and gasoline (+2.5 mb/d).
Monthly Oil Market Report 2024. The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market ...
For OPEC, it is a great honour to launch the World Oil Outlook (WOO) 2024 in Brazil. The country’s comprehensive and inclusive approach to energy issues has been on display through its G20 presidency in 2024, and will no doubt be central to its hosting of COP30 in 2025. This stance is fully in line with OPEC’s development of its WOO, as ...
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