OPEC said steady global economic growth has continued in the first half of 2024 and forecast that world oil demand would rise by 2.3 million bpd in the second half

The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth, widening the gap with producer group OPEC in terms of expectations for this year’s global demand outlook

The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025

In its monthly report, the Organization of the Petroleum Exporting Countries said that global oil demand will increase by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025

“The global oil market is relatively well-supplied, with demand growth decelerating, while supply shows an increase in America,” said the head of the oil markets and industry division at the International Energy Agency (IEA)

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

This trend implies that the group may encounter challenges in easing production cuts unless there is a significant acceleration in global oil demand or OPEC is willing to accept lower prices

According to the report, OPEC expects that global oil demand will rise by 2.25 million barrels per day in 2024, compared to the growth of 2.44 million bpd in 2023

Morgan Stanley lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year

Global fuel demand is expected to reach pre-pandemic levels by early next year as the economy recovers from the ravages of the pandemic, but excess refining capacity is likely to weigh on the outlook