The Organization of the Petroleum Exporting Countries (OPEC) said in its July monthly report, released on Wednesday that the 2024 global oil demand growth forecast remains at 2.2 mb/d, unchanged from last month’s assessment.
The report reads: “The OECD oil demand in 2024 is expected to expand by around 0.2 mb/d, while the non-OECD is forecast to grow by around 2.1 mb/d. In 2025, global oil demand is expected to see robust growth of 1.8 mb/d, y-o-y, also unchanged from the previous month’s assessment. The OECD oil demand is expected to grow by 0.1 mb/d, y-o-y, while the non-OECD demand is forecast to expand by 1.7 mb/d.”
OPEC also raised its estimates for global ‫economy growth this year to 2.9%, up fractionally from a previous forecast of 2.8%.