OPEC to stop publishing forecasts for world's oil demand

10/05/2024 Argaam

OPEC to stop publishing forecasts for world's oil demand

Logo of OPEC

OPEC will stop publishing a calculation of the world's demand for its own crude in its monthly oil report, Reuters reported on May 9, citing sources with knowledge of the matter.

 

OPEC will give only the estimate of demand for crude from the Declaration of Cooperation (DoC) countries. The DoC is the formal name for OPEC+, which comprises the 12 OPEC members and 10 non-members of which Russia is the largest producer.

 

Demand for crude from the wider group is now more relevant, one of the sources said, because the DoC nowadays is the framework for cooperation on the oil market. Both sources declined to be identified by name.

 

OPEC's April report expects 2024 demand for OPEC crude at 28.5 million barrels per day and demand for DoC crude at 43.2 million bpd, as compared with world oil demand of 104.5 million bpd.

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