OPEC: Global Oil Demand Will Increase This Year and Even More in 2024

The Organization of the Petroleum Exporting Countries now expects total oil demand this year to be 102.11 million bpd

by Sededin Dedovic
OPEC: Global Oil Demand Will Increase This Year and Even More in 2024
© Getty Images / Getty Images

In its most recent monthly report, the Organization of the Petroleum Exporting Countries (OPEC) has revised its projections for global oil demand, indicating an anticipated increase of 2.5 million barrels per day (bpd) within the current year.

This adjustment represents a slight uptick from OPEC's earlier estimate, which had pegged the growth at 2.44 million bpd for 2023. The revised outlook from OPEC now places the expected total oil demand for this year at 102.11 million bpd, as reported on the organization's official website.

Looking ahead to 2024, OPEC foresees a further uptick in global oil demand, projecting an increase of 2.25 million bpd to reach a total of 104.36 million bpd. Notably, the primary drivers of this surge in demand are anticipated to be the economic powerhouses of China and India, underlining their pivotal roles in the global oil landscape.

OPEC's analysis extends beyond oil demand figures, delving into broader economic trends. The organization holds the view that the global economy is poised for growth, predicting a 2.8 percent expansion in the current year.

However, there is an expectation of a gradual slowdown, with the global economy tapering off to a growth rate of 2.6 percent in 2024. This nuanced perspective on economic trajectory adds depth to OPEC's assessment, acknowledging the dynamic nature of factors influencing oil demand.

In essence, OPEC's updated report signals not only a positive trajectory in global oil demand for the current and upcoming years but also recognizes the evolving landscape of economic growth. The spotlight on China and India as major contributors to rising oil demand underscores the significance of these nations in shaping the future dynamics of the oil market.

As the global economy undergoes shifts, OPEC's insights offer valuable perspectives for stakeholders navigating the complex interplay between economic trends and energy demand. This news comes amid major changes on the global political scene.

We will see next year what the situation will be with the price and demand for oil, we hope that the difficult situation that has been going on since the beginning of the war with Ukraine will finally end.