The Organization of the Petroleum Exporting Countries (OPEC) forecasts that global oil consumption will continue to grow in 2024 and 2025, albeit at a slower pace than previously predicted, according to the organization’s monthly report released on Tuesday.
OPEC expects global oil consumption to reach 104.2 million barrels per day in 2024, down from the 104.3 million barrels per day projected in the previous monthly report. The organization has also revised its global demand growth forecast for 2024, lowering it from 2.11 million barrels per day to 2.03 million barrels per day.
For 2025, OPEC anticipates global consumption will rise to 105.9 million barrels per day, compared to the previous forecast of 106.1 million barrels per day. The expected growth in global oil demand for 2025 has also been adjusted, dropping from 1.78 million barrels per day to 1.74 million barrels per day.
For the final quarter of the current year, OPEC forecasts global oil demand to reach 105.6 million barrels per day, driven by strong demand in air travel, road transportation, and robust activities in industries such as construction, agriculture, and transportation in non-OECD countries.
For more updates on OPEC’s forecasts and oil market trends, visit dzwatch.dz. Global Oil Consumption.
