OPEC Monthly Report - Nov 12

[dan_s]

OPEC releases November oil report

"The global oil demand growth forecast for 2024 is revised down slightly by 107 tb/d from the previous month's assessment to 1.8 mb/d, y-o-y. This minor adjustment is mainly due to updated data for 1Q24, 2Q24 and 3Q24.
> OECD oil demand is expected to grow by around 0.2 mb/d, while non-OECD demand is forecast to expand by close to 1.7 mb/d.

In 2025, global oil demand growth is also revised down slightly by 103 tb/d from the previous month's assessment to 1.5 mb/d, y-o-y.
> The OECD demand is expected to grow by 0.1 mb/d, y-o-y, while demand in the non-OECD is forecast to expand by 1.4 mb/d.

Non-DoC liquids supply (i.e. liquids supply from countries not participating in the DoC) is expected to grow by 1.2 mb/d, y-o-y, in 2024, unchanged from last month's assessment.

The main growth drivers are expected to be the US and Canada. For 2025, the non-DoC liquids supply growth forecast is expected to grow by 1.1 mb/d, y-o-y, also unchanged from last month. Growth is anticipated to be mainly driven by the US, Brazil, Canada, and Norway.

Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are forecast to grow by about 0.1 mb/d, y-o-y, to average 8.3 mb/d in 2024, followed by an increase of about 80 tb/d, y-o-y, to average 8.4 mb/d in 2025.

Crude oil production by the countries participating in the DoC increased by 0.21 mb/d in October compared with the previous month, averaging about 40.34 mb/d, as reported by available secondary sources."

DoC is what we call OPEC+