BAKU, Azerbaijan, September 10. The Organization of the Petroleum Exporting Countries (OPEC) believes that oil demand in 2024 may reach 104.24 million barrels per day.
Data obtained by Trend via OPEC's reports shows that the this figure can reach 105.99 million bpd per day in 2025.
In turn, global commodity traders Gunvor and Trafigura said at the APPEC conference in Singapore that the market now has an oversupply of oil, while its largest buyers - China and the US, demonstrate a decline in demand.
“Oil prices have come under pressure due to concerns about weakening demand in key economies - China and the US - despite earlier (summer) expectations of demand support. Oil prices could soon fall to $60-70 per barrel,” it was reported during the Asia Pacific Petroleum Conference (APPEC).
According to Gunvor co-founder and chairman Torbjörn Törnqvist, “the problem is not OPEC, because it has done a great job to regulate the market, but that OPEC is not in control outside the cartel, and that is significant.”
He noted that the current fair price of oil is $70 per barrel.
The International Energy Agency (IEA) expects oil supply growth this year to reach 770,000 barrels per day, and daily total oil supply may reach 103 million barrels.