OPEC Maintains 2024 Oil Demand Forecast at 2.25 Million Bpd
OPEC maintains its forecast of a 2.25 million barrels per day increase in global oil demand for 2024 and anticipates 1.85 million bpd growth in 2025. Key contributors include demand from China, India, and Latin America, supported by air travel and industrial activities. OPEC Secretary-General Haitham Al-Ghais emphasized the resilience of oil demand and the accuracy of OPEC's forecasts.
The Organization of the Petroleum Exporting Countries (OPEC) has upheld its forecast of a 2.25 million barrels per day (bpd) increase in global oil demand for 2024, affirming its previous month's projection.
OPEC’s latest monthly report also foresees a 1.85 million bpd rise in 2025.
Key growth drivers include robust demand from China, India, the Middle East, and Latin America, with air travel and road mobility, including trucking, highlighted as principal contributors.
Additional factors include heightened industrial activities and petrochemical expansion in these regions.
However, OPEC notes potential uncertainties due to varying global economic conditions.
The global economic growth forecast remains at 2.8% for 2024 and 2.9% for 2025.
OPEC Secretary-General Haitham Al-Ghais expressed optimism, citing a rebound in travel and emphasizing the resilience of oil demand.
OPEC’s latest monthly report also foresees a 1.85 million bpd rise in 2025.
Key growth drivers include robust demand from China, India, the Middle East, and Latin America, with air travel and road mobility, including trucking, highlighted as principal contributors.
Additional factors include heightened industrial activities and petrochemical expansion in these regions.
However, OPEC notes potential uncertainties due to varying global economic conditions.
The global economic growth forecast remains at 2.8% for 2024 and 2.9% for 2025.
OPEC Secretary-General Haitham Al-Ghais expressed optimism, citing a rebound in travel and emphasizing the resilience of oil demand.
Translation:
Translated by AI
