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OPEC keeps steady forecast for global oil demand growth until 2025
(MENAFN) In its latest monthly report released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) announced that it has decided to keep its projections for global oil demand growth unchanged. According to OPEC's forecast, the global oil demand is expected to rise by 2.25 million barrels per day (bpd) in 2024. This anticipated growth indicates a steady and robust demand for oil in the upcoming year, reflecting the ongoing recovery and expansion of various economies around the world. Despite the challenges posed by fluctuating oil prices and geopolitical tensions, OPEC's consistent outlook suggests confidence in the market's ability to absorb this increase in oil consumption.
Looking further ahead, OPEC has also maintained its forecast for 2025, projecting a growth of 1.85 million barrels per day. This slight decrease compared to the 2024 growth rate indicates a stabilization in demand as the initial surge from the global recovery begins to level off. The organization’s decision to uphold these figures underscores a measured and optimistic view of the global oil market's trajectory. By keeping these projections steady, OPEC signals its expectations of a balanced market, where supply and demand dynamics are likely to remain stable, supporting both producers and consumers in the long term.
Looking further ahead, OPEC has also maintained its forecast for 2025, projecting a growth of 1.85 million barrels per day. This slight decrease compared to the 2024 growth rate indicates a stabilization in demand as the initial surge from the global recovery begins to level off. The organization’s decision to uphold these figures underscores a measured and optimistic view of the global oil market's trajectory. By keeping these projections steady, OPEC signals its expectations of a balanced market, where supply and demand dynamics are likely to remain stable, supporting both producers and consumers in the long term.
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