In its November oil market report, OPEC forecasted a "healthy" increase in global oil demand of 1.82 million barrels per day (bpd) for 2024, which is a decrease of approximately 107,000 bpd from the previous month's estimate of 1.93 million bpd.
This revision was attributed to updated data reflecting the first three quarters of the current year.
Additionally, OPEC has adjusted its forecast for global oil demand growth in 2025 to 1.54 million bpd, down from last month's prediction of 1.64 million bpd, while still indicating a robust increase compared to pre-pandemic levels.
OPEC has consistently lowered its forecasts for global oil demand growth for 2024 and 2025 over the past three months, having maintained earlier projections of 2.25 million bpd for this year and 1.85 million bpd for next year as of August.
In recent weeks, oil prices have generally declined due to concerns regarding slowing global demand.
Earlier this month, eight member countries of OPEC+, which includes OPEC and its allies, announced an extension of their voluntary oil production cuts for an additional month, lasting until the end of December.