OPEC upbeat over 2024 global oil demand outlook despite headwinds
OPEC on Thursday maintained an upbeat world oil demand outlook despite economic headwinds, raising its growth forecast for 2023 and predicting only a slight slowdown in 2024 as China and India continue to drive the expansion in fuel use.
In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said it expects world oil demand to rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023.
It raised its 2023 demand growth forecast by 90,000 bpd from last month’s report.
Oil demand growth is an indication of likely oil market strength and forms part of the backdrop for policy decisions by OPEC and its allies, known as OPEC+. The group in June extended supply curbs into 2024 to support the market.
