The Organization of the Petroleum Exporting Countries's oil market report for November revealed the cartel lowered its 2024 global oil demand growth forecast to 1.82 million barrels per day (bpd) from its previous month's forecast of 1.93 million bpd. This marked the fourth consecutive reduction in OPEC's projection of growth in world oil demand.
In addition, OPEC's forecast of 2025 global oil demand growth was cut to 1.54 million bpd from 1.64 million bpd predicted in the October report.
The report also showed that the organization's crude oil production averaged 26.53 million bpd in October, up 466,000 bpd from September. The increase was driven by higher output in Libya, Nigeria and Congo, while production in IR Iran, Iraq, and Kuwait fell.