OPEC forecasts oil demand growth in 2024
The Organization of the Petroleum Exporting Countries (OPEC) predicts that in 2024 the global demand for black gold will grow by 2.2 million barrels per day. This is stated in its Monthly report on the oil market.
Oil demand is expected to reach 104.25 million barrels per day next year.
The energy group raised its forecast for 2023 to 2.4 million barrels per day. This is about 0.1 million barrels more than last month, amounting to 29.4 million barrels per day.
According to the organization, global economic growth in 2023 will remain unchanged. At the same time, the initial forecast of economic growth in 2024 is expected to be 2.5%.
According to the OPEC report, key oil-consuming countries, including China and India, along with some other emerging economies in Asia, will maintain their level of economic growth.
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