Page 29 - Policy Economic Report - December 2024
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Table 3: Non-DoC liquids production in 2024, mb/d
Non-OPEC liquids production 2023 1Q24 2Q24 3Q24 4Q24 2024
Americas 26.67 26.91 27.58 27.83 27.86 27.55
21.92 21.79 21.64
of which US 20.97 21.02 21.81 3.65 3.61
3.54 0.46 0.44
Europe 3.66 3.66 3.59 0.43 31.97 31.60
31.80 4.51 4.57
Asia Pacific 0.45 0.46 0.43 4.52 0.79 0.79
0.77 1.59 1.61
Total OECD 30.77 31.03 31.60 1.60 7.35 7.25
7.18 2.01 2.00
China 4.52 4.62 4.63 2.01 2.37 2.31
2.36 0.37 0.37
India 0.79 0.80 0.79 0.37 0.10 0.10
0.10 19.10 19.00
Other Asia 1.61 1.62 1.62 18.91 51.07 50.60
50.71 2.52 2.52
Latin America 6.96 7.28 7.18 2.52 53.59 53.12
53.23
Middle East 2.02 2.00 2.00
Africa 2.22 2.24 2.26
Other Eurasia 0.37 0.37 0.37
Other Europe 0.10 0.10 0.10
Total Non-OECD 18.60 19.03 18.95
Total Non-DoC production 49.37 50.06 50.55
Processing gains 2.47 2.52 2.52
Total Non-DoC liquids production 51.84 52.58 53.07
Note. *2024 = Forecast. Totals may not add up due to independent rounding
Source- OPEC monthly report, December 2024
• From the above table, it can be inferred, that the total non-DoC liquids production is expected to
reach 53.12 mb/d by 2024.
• The non-DoC liquids supply (i.e. liquids supply from countries not participating in the Declaration of
Cooperation) is expected to grow by 1.3 mb/d in 2024 to average 53.1 mb/d.
Oil demand situation
• The global oil demand growth forecast for 2024 is revised down by 210 tb/d from the previous
month’s assessment to 1.6 mb/d, year-on-year (y-o-y). This minor adjustment is mainly due to
updated data for 1Q24, 2Q24 and 3Q24. In the OECD, oil demand is expected to grow by around 0.1
mb/d, while non-OECD demand is forecast to expand by close to 1.5 mb/d in 2024.
• Global oil demand growth for 2025 is also revised down by 90 tb/d from the previous month’s
assessment to 1.4 mb/d, y-o-y. OECD demand is expected to grow by 0.1 mb/d, y-o-y, in 2025, while
demand in the non-OECD is forecast to expand by 1.3 mb/d.
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