OPEC anticipates continued robust oil demand growth in 2024 due to a resilient global economy.
The global economy has been relatively resilient in recent months, which has led OPEC to continue to anticipate robust oil demand growth this year and next, OPEC Secretary General Haitham Al Ghais said on Monday. “For 2024, oil demand growth is at 2.2 mb/d, with total global demand anticipated to average 104.5 mb/d,” Al Ghais told the Special Session of the 141st Meeting of OPEC ’s Economic Commission Board. Next year, the global oil demand growth forecast shows a further robust expansion of 1.
Earlier this month, OPEC said in its monthly report that a resilient global economy early this year has additional upside potential in the second half with the possible easing of monetary policies. OPEC estimates that global oil demand rose by 2.4 million bpd in the first quarter of 2024. For the full year, total world oil demand is anticipated to reach 104.
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