OPEC maintains upbeat outlook on global oil demand


(MENAFN) In its latest monthly report issued on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) reaffirmed its expectations for global oil demand throughout the current year. The organization highlighted the significant support stemming from robust demand for air travel and land transport, alongside the adaptability demonstrated by the global economy. OPEC expressed optimism regarding the potential for global economic performance to surpass initial projections for the year.

According to the report, OPEC maintained its forecast for global oil demand growth in 2024, anticipating an increase of 2.2 million barrels per day, consistent with previous estimates. Similarly, projections for global oil demand growth in the following year remain steady at 1.8 million barrels per day.

Furthermore, OPEC kept its expectations for oil demand from member states of the OPEC+ alliance unchanged for the current year at 43.2 million barrels per day. However, the organization revised upward its forecasts for demand for OPEC+ oil by approximately 800,000 barrels per day for the next year.

The report also addressed expectations for supply growth from non-OPEC+ countries, maintaining projections for a rise of 1.2 million barrels per day throughout the current year. Notably, OPEC+ member states saw a decline in oil production in April, with output decreasing by approximately 246 thousand barrels per day to a total of 41 million barrels per day.

OPEC's report underscores its continued monitoring of global oil market dynamics and its efforts to provide timely assessments of supply and demand trends. Despite ongoing challenges and uncertainties, OPEC remains cautiously optimistic about the resilience of global oil demand, buoyed by factors such as increased mobility and economic adaptability. 

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