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OPEC increases its global oil demand forecast

13 February 2024 17:32 (UTC +04:00)

Organization of Petroleum Exporting Countries has corrected its forecast on daily global oil demand in Azerbaijan for 2024-2025 towards increase, APA-Economics reports citing OPEC's monthly report.00:37

According to the forecast, the rate of the daily global oil demand for the next year is predicted to be 106,25 mln. barrels which are 1,85 mln. more than the indicator for forecast of 2024.

OPEC forecasts daily global oil demand for next year as 104,4 mln. barrels (previous forecast - 104,36 mln. barrels), thus, meaning it's 2,25 mln. barrels more compared to the 2023 forecast indicator (the forecast has not changed).

According to the report, last year's daily global oil demand was 102,16 mln. barrels, which is 0,04 mln. barrels more than the previous forecast indicator. Thus, the growth rate of oil demand in 2023 was 2.5 mln. barrels.

Note that according to the report, daily global oil demand for year 2022 was 99,66 mln. barrels. Thus, the growth rate of oil demand in 2022 was 2.74 mln. barrels.