Last year OPEC overestimated global oil demand and that led to some volatility in the market and turmoil at OPEC.
For now, they continue to see 1.45 mbpd of demand growth this year and 1.43 mbpd next year. They’ve also left 2025 GDP growth forecasts unchanged.
For January, output from OPEC+ averaged 40.62 mbpd, down 118K bpd from December.
