OPEC anticipates significant growth in global oil demand in 2024, 2025


(MENAFN) According to the latest monthly report from the Organization of the Petroleum Exporting Countries (OPEC), the organization anticipates significant growth in global oil demand in 2024 and 2025, primarily propelled by robust economic activities in China.

OPEC projects that world oil demand will increase by 2.25 million barrels per day in 2024 and by 1.85 million barrels per day in 2025. This forecast remains unchanged from the previous month's report.

“Continued robust economic activity in China, global air travel recovery and expected healthy petrochemical feedstock requirements will be key for oil demand growth in 2024,” OPEC stated in its report.

It further mentioned: “However, inflation levels, monetary tightening measures and sovereign debt levels could weigh on global oil demand prospects in the current year.”

OPEC's forecast contrasts with the projection of the International Energy Agency (IEA), which anticipates a decrease in oil demand to 1.2 million barrels per day (bpd) in 2024.

However, according to OPEC, ongoing enhancements in airline operations, coupled with strong road mobility, are anticipated to bolster the demand for jet fuel, kerosene, and gasoline in 2024 across the 38 member countries in the Organization for Economic Co-operation and Development (OECD).

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