In its latest monthly report, OPEC has maintained its projections for strong global oil demand growth in 2024 and 2025. The organization expects world oil demand to rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025, figures that remain unchanged from its previous forecast.
Despite acknowledging certain downside risks, OPEC expressed an upbeat tone on the economic outlook, suggesting that the continued momentum observed since the start of the year could lead to additional upside potential for global economic growth in 2024 and beyond. This positive assessment comes as OPEC and its allies, collectively known as OPEC+, prepare to meet on June 1 to set output policy.
The report highlights OPEC’s confidence in the overall strength of the oil market, even as it navigates potential challenges. The organization’s optimistic stance on the economic trajectory suggests it believes the global economy is poised for a stronger-than-expected performance, which could further bolster oil demand in the coming years.