OPEC maintained its forecast of relatively strong growth in global oil demand in 2024 and 2025, while raising its economic expansion projections for both years, stating that there is greater upside potential.
The Organization of the Petroleum Exporting Countries, in a monthly report, said that global crude demand will increase by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both forecasts remained unchanged from last month.
OPEC's demand growth forecast for 2024 has consistently been stronger than that of other forecasters, such as the International Energy Agency. Both have clashed in recent years over issues such as long-term demand and the need to invest in new supplies.
OPEC noted that the "positive trend" of economic growth is expected to continue into the first half of 2024 and raised its economic expansion forecasts for this year and next by 0.1 percentage points.
"Global economic growth remains robust," OPEC stated in its report. "There could be further upside potential in the major OECD and non-OECD economies."
The OPEC report also highlights that the group's oil production fell by 350,000 bpd in January, as a new round of voluntary production cuts by the OPEC+ alliance for the first quarter took effect.
