The Organization of the Petroleum Exporting Countries (OPEC) maintained its global oil demand growth forecast for 2024 and 2025 at 2.2 million barrels per day and 1.8 million barrels per day, respectively. This is reported monthly report organizations.
According to OPEC’s February report, in absolute terms, global oil demand could reach 104.4 million barrels per day in 2024 and 106.25 million barrels per day in 2025.
The organization states that oil demand in 2024 will be supported by air travel, the growing automotive industry, and industrial, construction and agricultural activities, especially in non-OECD countries.
Additionally, demand in the same countries will support the expansion of petrochemical capacity, especially in China and the Middle East.
At the same time, OPEC reduced its 2024 oil production increase forecast from countries outside the cartel by approximately 150 thousand barrels per day to 1.2 million barrels per day, but kept its forecast for 2025 at 1.3 million barrels per day.
In absolute terms, oil production from non-OPEC countries is expected to be 70.5 million barrels per day in 2024 and 71.8 million barrels per day in 2025.
The main drivers of production growth this year will be the USA, Brazil, Canada, Norway, Kazakhstan and Guyana. OPEC states that Mexico and Angola may become foreigners.
Before this, it was known that demand was increasing in Europe raised West African oil prices.
Previously in the USA anxious low oil reserves.