More Stories

Informist, Tuesday, Sep 10, 2024

 

--OPEC: OECD Jul oil stocks down 11.7 mln bbl on month at 2.82 bln bbl 

--OPEC: OECD Jul crude stocks 154 mln bbl lower than 2015-2019 avg 

--OPEC cuts 2024 oil demand growth view by 100,000 bpd to 2 mln bpd 

--OPEC cuts 2025 oil demand growth view by 40,000 bpd to 1.7 mln bpd 

--OPEC keeps 2024 non-OPEC oil supply growth view unch at 1.2 mln bpd 

--OPEC keeps 2025 non-OPEC oil supply growth view unch at 1.1 mln bpd 

--OPEC's Aug oil production at 26.59 mln bpd, down 197,000 bpd on mo 

--OPEC, allies' Aug oil output 40.66 mln bpd, down 304,000 bpd on mo 

--OPEC: Saudi Arabia Aug oil output 9 mln bpd, down 25,000 bpd on mo 

--OPEC: Libya Aug oil output at 956,000 bpd, down 219,000 bpd on mo 

 

MUMBAI – The Organization of the Petroleum Exporting Countries has slightly revised downward its forecasts for growth in global oil demand for 2024 and 2025. The growth forecast for 2024 has been trimmed by nearly 100,000 barrels per day to 2.0 mln bpd this year, but still well above the historical average of 1.4 mln bpd prior to the pandemic, OPEC said in its September Oil Market Report.

 

The cartel sees demand for crude oil in 2025 rising by 1.7 mln bpd, 40,000 bpd lower than the previous month's estimate. Demand for oil from the Organisation for Economic Co-operation and Development countries is expected to grow by around 100,000 mln bpd in 2024, with OECD Americas accounting for the entire growth, according to the report. Oil demand in non- OECD countries is expected to grow by around 1.9 mln bpd this year.

 

OPEC now sees total oil demand in 2024 at 104.2 mln bpd and in 2025 at 105.99 mln bpd. "Total world oil demand is anticipated to reach 105.6 mb/d in 4Q24 (Oct-Dec)...bolstered by strong air travel demand and road mobility, including trucking, as well as healthy industrial, construction and agricultural activities in non-OECD countries," OPEC said.  

 

The cartel has also trimmed its forecast for crude oil demand from countries participating in the Declaration of Cooperation (OPEC and allies) in 2024 by 100,000 bpd to 42.8 mln bpd. In 2025, the call on OPEC and allies is to produce 43.4 mln bpd, around 600,000 bpd higher than the 2024 estimate, but 200,000 bpd lower than its previous estimate, according to the report.

 

India's oil demand in 2024 is seen at 5.61 mln bpd, 5% higher than in 2023, OPEC said. In 2025, the country is expected to consume 5.85 mln bpd of oil, a growth of 4.3% on a year-on-year basis. Both estimates are marginally up from the previous month's estimates.

 

In August, OPEC's crude oil production fell 197,000 bpd to 26.59 mln bpd, according to secondary sources cited by the cartel. Production mainly fell in Libya and Iraq last month. Production in Libya fell by 219,000 bpd month-on-month to 956,000 bpd and production in Iraq fell by 50,000 bpd to 4.23 mln bpd. Saudi Arabia, the biggest producer of the group, produced nearly 9.0 mln bpd of crude oil last month, down 25,000 bpd from July.

 

Production of crude oil by OPEC and its allies in August was 40.66 mln bpd, down 304,000 bpd from the previous month. Production in Russia and Kazakhstan fell 29,000 bpd and 115,000 bpd, respectively, according to the report.

 

The cartel has forecast growth in oil supply from countries outside of OPEC and allies at 1.2 mln bpd, unchanged from the previous estimate. "The main growth drivers are expected to be the US, Canada and Brazil," it said. In 2025, non-OPEC oil supply is expected to grow by 1.1 mln bpd, which also remains unchanged from the previous projection. "The growth is anticipated to be mainly driven by the US, Brazil, Canada and Norway."

 

In July, crude oil commercial stocks with OECD countries fell by 11.7 mln bbl to 2.82 bln bbl, according to the report. Stocks in July were 154 mln bbl lower than the 2015-2019 pre-pandemic average.

 

At 1910 IST, the price of West Texas Intermediate crude oil was $68.16 per bbl and that of Brent oil on the Intercontinental Exchange was $71.26 per bbl, both down 0.8% from the previous close.  End

 

US$1 = 83.97 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Taniva Singha Roy

Edited by Ashish Shirke

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2024. All rights reserved.