OPEC says global oil demand will increase by 2.25 million barrels per day in 2024

OPEC recently maintained its previous forecast in its monthly report that global oil demand will increase by 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025. OPEC stated that economic growth and increased travel demand will support summer fuel consumption.

OPEC has also raised its global economic growth for 2024 from the previous 2.8% to 2.9%. OPEC points out that there is a possibility of an upward trend in global economic growth driven by active economic activity in emerging economies and developing countries. In addition, OPEC analysis states that the economic growth of major economies remained strong in the first half of the year, supporting the overall positive economic growth pattern in the short term.