June 22, 2024
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OPEC Maintains Optimistic Outlook on Oil Demand Growth

OPEC reiterated its forecast for robust growth in global oil demand for 2024 and expressed optimism about the potential for stronger-than-expected economic performance this year.

In its monthly report released on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) stated that world oil demand is projected to increase by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025.

These forecasts remain unchanged from the previous month’s report.

Oil Prices Stable as Investors Await US Inflation Data, OPEC Report

The report, which serves as the final update before the upcoming OPEC+ meeting on June 1 to determine output policy, underscored OPEC’s positive stance on the economic outlook.

“Despite certain downside risks, the continued momentum observed since the start of the year could create additional upside potential for global economic growth in 2024 and beyond,” OPEC said in the report.

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