The OPEC report, issued on September 12, 2023, stated that “global economic growth is expected to continue the positive outlook on oil demand, especially in light of the recovery of tourism and air travel, to exceed pre-pandemic levels in 2023 and continue as well through 2024.”
Accordingly, OPEC has fixed the forecast for oil demand growth at 2.25 million barrels per day during the coming year 2024, bringing the total to a new record of 104.25 million barrels per day.
The majority of oil demand growth in 2024 is expected to come from non-OECD countries at around <> million barrels per day, with China and India seeing the largest growth.
At the OECD, oil demand forecasts show growth of 0.26 million barrels per day over the next year, reaching an average of 46.4 million barrels per day.
For the current year 2023, OPEC estimates oil demand growth at about 2.44 million barrels per day, unchanged from last August, bringing the total to 102.06 million barrels per day,
Source: Sputnik
