OPEC: The forecast of oil demand in 2024 is unchanged

The Organization of the Petroleum Exporting Countries (OPEC) revealed in its March report on Tuesday that it decided to keep global oil demand forecast for 2024 at the same level of 2.2 million barrels per day. Oil demand is expected to grow by 1.8 million barrels per day next year.

Oil demand growth is expected to be due to increased capacity and improved petrochemical margins in non-OECD (Organization for Economic Development and Cooperation) countries, especially in China and the West Asia. However, the forecast is still under the shadow of many uncertainties, including global economic developments.

Total global oil demand is forecast to reach 104.5 million barrels per day this year, supported by demand from air travel, road transport, industrial construction and agricultural activity in non-OECD countries. Demand in OECD countries is expected to grow to 300,000 barrels per day this year and to 100,000 barrels in 2025.