The Organization of Petroleum Exporting Countries (OPEC) Tuesday expected that demand for OPEC+ crudes would remain at 43.2 million barrels per day (mb/d) this year, unchanged from the previous month’s assessment.
In its monthly report, OPEC showed that this assessment is about 900 thousand barrels per day (tb/d) higher than the estimated level for the year 2023, with expectations that global demand for OPEC+ crudes will also remain unchanged in 2025 from the previous month’s assessment to stand at 43.9 mb/d.
Regarding the value of the OPEC Reference Basket (ORB) of crudes last May, it was reported that the price decreased by USD 5.53 (6.2 percent) to reach USD 83.59 pb, and the average value of standard Brent crude decreased by six US dollars (6.7 percent) to reach USD 83 pb.
As for the growth of global oil demand in 2025, the organization said that demand will remain “strong” at 1.8 mb/d, unchanged from the previous month’s assessment, however growth in global oil demand for the year 2024 remain unchange
d from last month’s assessment at 2.2 mb/d.
OPEC expected the oil demand in the Organization for Economic Co-operation and Development (OECD) to grow by about 200 tb/d, and that demand in non-member countries of OECD would grow by about two mb/d.
Regarding global oil supplies, the organization estimated that supplies outside the scope of OPEC+ would grow by 1.2 mb/d in 2024, explaining that the main drivers of growth will come from the United States, Canada, Brazil and Norway.
Source: Kuwait News Agency