OPEC said world oil demand will rise by 2.25 million barrels per day in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month
OPEC stuck to its forecast for strong growth in global oil demand in 2024 on Tuesday and said it would switch to focus on projected demand for OPEC + crude, reflecting that the wider group is now the main forum for co-operation in the market.
This is the last report before OPEC+, which groups OPEC and allies led by Russia, meets on June 1 to decide whether to extend voluntary oil output cuts into the second half of the year. OPEC sounded an upbeat tone on the economic outlook. OPEC+ has implemented a series of output cuts since late 2022 to support the market. The latest cut of 2.2 million bpd is in place until the end of June unless it is extended, as some OPEC+ sources have said it could be.
The International Energy Agency, which represents industrialized countries and forecasts oil demand will peak by 2030, sees an expansion of 1.2 million bpd and is scheduled to update its figures on Wednesday.OPEC also said it would stop publishing a calculation of the world’s demand for its own crude – a figure watched as an indicator of market strength – and would focus on demand for oil from OPEC+.
Energy Opec Bpd Demand OPEC Report Market Oil Growth Petroleum Exporting Countries International Energy Agency Reuters
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