OPEC has stated that there will be significant increases in global oil demand in both 2024 and 2025.
The Organisation of the Petroleum Exporting Countries (OPEC) announced on Thursday that global oil demand is expected to increase by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025, according to Arabian Business.
In its monthly report, OPEC anticipated strong fuel consumption during the summer months and maintained its projection for relatively robust growth in global oil demand in 2024, emphasising a notably wide disparity in forecasts regarding the strength of oil demand.
OPEC’s forecast for oil demand
The report stated: “Despite certain potential downsides, if the momentum observed at the beginning of the year persists, there may be further potential for an increase in global economic growth in 2024.”
“The optimistic outlook for oil demand during the summer months necessitates vigilant market observation, given ongoing uncertainties, to ensure a stable and sustainable market equilibrium.”
