Excerpt: “In November, the OPEC Reference Basket (ORB) value dropped by $1.47, or 2.0%, month-on-month (m-o-m), to average $72.98/b. … 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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