OPEC expects global oil demand to rise in 2024

OPEC still expects an increase in global oil demand at the end of this year by 2.2 million barrels per day (bpd), to 104.46 million bpd, Report informs referring to the organization’s July report.

Growth will be supported by strong economic activity in non-OECD countries, as well as strong demand for air travel and greater vehicle mobility, which will continue until the end of the year.

In addition, the need for distillates and transportation fuels in China, India, the Middle East and other Asian countries will boost oil demand.

In 2025, OPEC still forecasts an increase in global oil demand of 1.8 million bpd. In the OECD region, demand is expected to grow by approximately 0.1 million bpd, and in non-OECD countries by 1.7 million bpd.