Opec raises its forecast for global oil demand this year

The Organization of the Petroleum Exporting Countries (Opec) released its monthly oil market report on the 13th, slightly raising its forecast for global oil demand this year, saying that the fundamentals of the oil market remain strong.

In the report, Opec forecast that based on the momentum of global economic growth and other factors, global oil demand this year will increase by 2.46 million barrels per day compared with last year, an increase of 20,000 barrels per day compared with last month's forecast.

Opec pointed to strong economic growth in the US in the third quarter of this year, while the International Monetary Fund recently raised its forecast for China's economic growth this year to 5.4 per cent.

In the report, Opec maintained last month's forecast for global oil demand in 2024, which sees global oil demand rising by 2.25 million barrels a day next year compared with this year.