Global oil demand hit record 103.84 mb/d in 2024: OPEC Annual Bulletin
ABU DHABI (ALETIHAD)Global oil demand grew by 1.49 million barrels per day (mb/d) year on year (YoY), or 1.5%, to reach a new high of 103.84 mb/d in 2024, according to the 2025 edition of the Annual Statistical Bulletin (ASB) released by the Organisation of the Petroleum Exporting Countries (OPEC).The findings were presented by OPEC Secretary General Haitham Al Ghais at a special event held at the OPEC Secretariat in Vienna.The report said oil demand increased YoY across almost every region of the world, with the most significant gains recorded in non-OECD Asia, China, India, the Middle East, Africa, Latin America and OECD Europe. Demand within OPEC member countries remained firm, rising by 0.12 mb/d, or 1.3%, over the previous year.However, while demand rose, global crude oil production fell by 0.77 mb/d, or 1%, in 2024, marking the first annual decline after three consecutive years of increases since 2020.The average world crude oil output stood at 72.58 mb/d.Production from OPEC countries fell by 0.57 mb/d (2.1%) and from non-OPEC participants in the Declaration of Cooperation (DoC) by 0.78 mb/d (5.2%). In contrast, non-DoC countries saw an output rise of 0.58 mb/d (1.8%).World refining capacity also saw significant growth, expanding by 1.04 mb/d to reach 103.80 mb/d. Notably, capacity additions were concentrated in non-OECD countries, especially China, India and the Middle East. In the OECD region, refinery capacity increased for the first time since 2019 by 0.16 mb/d, with growth in the Americas outweighing shutdowns in Europe and Asia Pacific.Globally, refinery throughput rose by 0.52 mb/d (0.6%) to reach 85.97 mb/d in 2024.OPEC member countries exported an average of 19.01 mb/d of crude oil in 2024, a decline of 0.70 mb/d (3.5%) from the previous year. Asia remained the dominant destination, receiving 71.9% of these exports or 13.67 mb/d. Exports of petroleum products from OPEC countries increased by 6.1% to reach 5.07 mb/d in 2024.
Meanwhile, world proven crude oil reserves stood at 1,567 billion barrels at the end of 2024, up by 2 billion barrels (0.1%) compared to 2023. Reserves held by OPEC members remained unchanged at 1,241 billion barrels.
Source: Aletihad - Abu Dhabi
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