The Strategist

OPEC to stop publishing oil demand forecasts

05/10/2024 - 04:14

OPEC intends to stop releasing the estimate of the world's need for its own oil, reports Reuters.

The group has chosen to concentrate on demand projections for the OPEC+ association, according to the newspaper. It consists of non-member states, the biggest of which being Russia, as well as cartel nations.

This decision was caused by changes in the cooperative policy between OPEC and OPEC+ allies on the supply of the resource to the global market.

Analysts and traders closely follow the estimate of the so-called "OPEC demand" published by the Vienna secretariat as a gauge of the state of the market. The group will now solely release data on the anticipated oil consumption of each signatory to the Declaration of Cooperation, which is OPEC+'s formal name.

According to OPEC's monthly review, there will be a 2.25 million barrel per day increase in global oil demand in 2024 and a 1.85 million barrel per day increase in 2025. Neither of the forecasts has altered since March.