The Organization of Petroleum Exporting Countries (OPEC) has maintained its forecast for global oil demand growth at 2.2 million barrels per day for 2024, marking the fourth consecutive year of steady predictions.

In its June report, OPEC highlighted that the second half of this year will witness a significant recovery in demand, projected to reach 2.3 million barrels per day on an annualized basis, primarily driven by a resurgence in demand from China.

OPEC has also upheld its demand growth forecasts for OPEC+ oil for both the current and the upcoming years, expecting it to remain at 43.2 million and 43.9 million barrels per day, respectively.

For non-OPEC+ oil supply, growth is anticipated to be 1.2 million barrels per day in 2024 and 1.1 million barrels per day in 2025.

The OPEC report suggests relative stability in global oil demand forecasts for 2024, with a significant recovery likely in the latter half of the year. This optimistic outlook is largely attributed to the recovery of the Chinese economy and the easing of COVID-19 pandemic restrictions, which are boosting demand for air travel and transportation.

Additionally, the report underscores the crucial role of the OPEC+ alliance in managing global oil supplies and ensuring price stability. The decision to extend production cuts reflects the organization’s commitment to supporting the market and preventing sharp price fluctuations.

Overall, the OPEC report provides valuable insights into global oil demand trends for 2024 and 2025, emphasizing a potential recovery in the latter half of 2024.

Overall, the OPEC report provides valuable insights into global oil demand trends for 2024 and 2025, emphasizing a potential recovery in the latter half of 2024.