OPEC leaves oil demand forecast unchanged

The Organization of the Petroleum Exporting Countries (OPEC) has maintained its forecast of oil demand growth in 2024 and 2025, Report informs, citing Monthly Oil Market Report – April 2024.

The global oil demand for 2024 will rise by 2.25 mb/d to 104.46 mb/d, while this figure will increase by 1.85 mb/d to 106.31 mb/d in 2025.

Total non-OPEC oil production in 2024 will rise from 1.07 mb/d to 70.44 mb/d. The growth forecast for 2025 has increased from 1.3 mb/d to 1.4 mb/d and currently stands at 71.75 mb/d.