SunSirs: OPEC will Maintain an Estimated Global Oil Demand Growth of 2.25 Million Barrels per Day in 2024

According to foreign news on December 13th, the Organization of the Petroleum Exporting Countries (OPEC) stated in its monthly supply and demand report released on Wednesday that it will maintain an estimated global oil demand growth of 2.25 million barrels per day for 2024. The organization maintains an estimated global oil demand growth of 2.46 million barrels in 2023.

OPEC stated that it still maintains a cautious and optimistic attitude towards the fundamental factors that will affect the dynamics of the oil market next year.

The organization stated that crude oil production in November decreased by 57,000 barrels per day to 27.84 million barrels per day due to reduced production in Iraq, Angola, and Nigeria.

OPEC announced that it will raise its economic growth forecast for the United States to 2.4% in 2023 and 1% in 2024;

And maintain the estimated global economic growth for 2024 at 2.6%.

The organization stated that it expects the growth rate of crude oil supply in non OPEC countries to be 1.8 million barrels per day in 2023, which is consistent with previous expectations. The expected non OPEC crude oil supply for 2023 is 67.59 million barrels per day, which is also unchanged from previous expectations. The expected non OPEC crude oil supply in 2024 is 68.96 million barrels per day, compared to the previous expectation of 68.97 million barrels per day.

According to second-hand data, Saudi Arabia's crude oil production increased by 12,000 barrels per day to 8.99 million barrels per day in November; In November, Iraq's crude oil production decreased by 77,000 barrels per day to 4.28 million barrels per day; Iran's crude oil production increased by 7,,000 barrels per day in November to 3.128 million barrels per day; The crude oil production of the United Arab Emirates in November decreased by 9,000 barrels per day to 2.99 million barrels per day; Kuwait's crude oil production increased by 19,000 barrels per day in November to 2.571 million barrels per day; Nigeria's crude oil production in November decreased by 17,000 barrels per day to 1.37 million barrels per day; Angola's crude oil production decreased by 37,000 barrels per day to 1.13 million barrels per day; In November, Algeria's crude oil production decreased by 2,000 barrels per day to 962,000 barrels per day; Venezuela's crude oil production increased by 23,000 barrels per day in November to 780,000 barrels per day; Gabon's crude oil production increased by 2,000 barrels per day in November to 218,000 barrels per day.

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