Page 33 - Policy Economic Report - October 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 27.57 27.70 27.44
21.64 21.62 21.52
of which US 20.97 21.02 21.81 3.73 3.64
3.58 0.45 0.45
Europe 3.65 3.66 3.59 0.47 31.89 31.54
31.62 4.50 4.57
Asia Pacific 0.45 0.46 0.43 4.53 0.79 0.79
0.79 1.59 1.61
Total OECD 30.77 31.03 31.59 1.60 7.46 7.28
7.18 2.02 2.01
China 4.52 4.62 4.63 2.01 2.29 2.28
2.34 0.37 0.37
India 0.79 0.80 0.79 0.37 0.10 0.10
0.10 19.13 19.01
Other Asia 1.61 1.62 1.62 18.91 51.02 50.55
50.53 2.52 2.52
Latin America 6.96 7.28 7.19 2.52 53.54 53.07
53.05
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 18.96
Total Non-DoC production 49.37 50.06 50.56
Processing gains 2.47 2.52 2.52
Total Non-DoC liquids production 51.84 52.58 53.08
Note. *2024 = Forecast. Totals may not add up due to independent rounding
Source- OPEC monthly report, September 2024
• From the above table, it can be inferred, that the total non-DoC liquids production is expected to
reach 53.07 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 1.2 mb/d in 2024.
Oil demand situation
• The global oil demand growth forecast for 2024 is revised down by 106 tb/d to 1.9 mb/d, y-o-y, still
well above the historical average of 1.4 mb/d seen before the COVID-19 pandemic. The adjustment
reflects actual data received, combined with slightly lower expectations for some regions. OECD oil
demand is expected to grow by more than 0.1 mb/d, y-o-y, in 2024, with the OECD Americas driving
growth. Non-OECD oil demand is forecast to grow by 1.8 mb/d, y-o-y, this year.
• The forecast for world oil demand growth in 2025 is also revised down by 102 tb/d to 1.6 mb/d, y-o-
y. Non-OECD oil demand is set to drive next year’s growth, increasing by about 1.5 mb/d, y-o-y, led by
contributions from China, Other Asia, the Middle East, and India. The OECD demand is forecast to
expand by about 0.1 mb/d, y-o-y, with OECD Americas providing most of the contribution.
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