Page 30 - Policy Economic Report - June 2024
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Table 4: Non-DoC liquids production in 2024, mb/d
Non-OPEC liquids production 2023 1Q24 2Q24 3Q24 4Q24 2024
Americas 26.60 26.92 27.20 27.38 27.58 27.27
21.51 21.34
of which US 20.90 21.02 21.40 21.43 3.88
0.43 3.76
Europe 3.65 3.67 3.74 3.73 31.89 0.44
4.46 31.46
Asia Pacific 0.44 0.45 0.43 0.43 0.78 4.53
1.58 0.78
Total OECD 30.69 31.04 31.37 31.54 7.47 1.59
2.01 7.34
China 4.52 4.62 4.59 4.46 2.27 2.01
0.36 2.26
India 0.77 0.78 0.79 0.79 0.10 0.36
19.03 0.10
Other Asia 1.61 1.62 1.58 1.58 50.93 18.98
2.52 50.44
Latin America 6.96 7.28 7.20 7.42 53.45 2.52
52.96
Middle East 2.02 2.00 2.02 2.01
Africa 2.22 2.26 2.26 2.24
Other Eurasia 0.36 0.36 0.36 0.36
Other Europe 0.10 0.10 0.10 0.10
Total Non-OECD 18.57 19.02 18.91 18.96
Total Non-DoC production 49.26 50.06 50.27 50.50
Processing gains 2.47 2.52 2.52 2.52
Total Non-DoC liquids production 51.73 52.58 52.79 53.02
Note. *2024 = Forecast. Totals may not add up due to independent rounding
Source- OPEC monthly report, June 2024
• From the above table, it can be inferred, that the total non-DoC liquids production is expected to
reach 52.96 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 expand by 1.2 mb/d in 2024, unchanged from the previous month’s
assessment, to average 53.0 mb/d.
Oil demand situation
• The global oil demand growth forecast for 2024 remained unchanged from last month’s estimates at
2.2 mb/d. There were some minor downward adjustments for 1Q24 due to actual data from the OECD,
more specifically Europe and Asia Pacific. This was offset by a better-than-expected performance in
the non-OECD in 1Q24. Accordingly, OECD oil demand is now expected to grow by 0.2 mb/d while the
non-OECD forecast remains at 2.0 mb/d.
• In 2025, global oil demand is expected to see robust growth of 1.8 mb/d, y-o-y, unchanged from the
previous month’s assessment. The OECD is expected to grow by 0.1 mb/d, y-o-y, while demand in the
non-OECD is forecast to increase by 1.7 mb/d.
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