OPEC says that world oil demand will see significant increases in 2024 and 2025.
The Organisation of the Petroleum Exporting Countries (OPEC) said on Thursday that world oil demand will rise by 2.25m barrels per day (bpd) in 2024 and by 1.85m bpd in 2025.
In its monthly report, OPEC predicted robust fuel use in the summer months and stuck to its forecast for relatively strong growth in global oil demand in 2024, highlighting an unusually large gap between predictions of oil demand strength.
OPEC oil demand forecast
The report said: “Despite some downside risks, the continuation of the momentum seen in the beginning of the year could result in further upside potential for global economic growth in 2024.
“The robust oil demand outlook for the summer months warrants careful market monitoring, amid ongoing uncertainties, to ensure a sound and sustainable market balance”.
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