OPEC maintains global oil demand forecast for 2024, 2025
by ChemOrbis Editorial Team - content@chemorbis.com
In its monthly oil market report for March, OPEC kept its forecasts for global demand unchanged from last month for 2024 and 2025 at 2.25 million barrels/day and by 1.85 million barrels/day, respectively.
OPEC raised its economic growth forecast for this year by 0.1% to 2.8%, supported by easing general inflation. The cartel noted that growth trajectories of India, China, and the United States could surpass current expectations in 2024 and 2025.
OPEC’s global oil demand forecast remained higher than IEA’s, which expects an oil demand of 1.22 million barrels/day this year.
Recently, OPEC extended voluntary oil output cuts into Q2 to stabilize the market. Yet, OPEC’s oil production rose by 203,000 barrels/day in February to 26.57 million barrels/day, led by output from Nigeria and Libya.
OPEC raised its economic growth forecast for this year by 0.1% to 2.8%, supported by easing general inflation. The cartel noted that growth trajectories of India, China, and the United States could surpass current expectations in 2024 and 2025.
OPEC’s global oil demand forecast remained higher than IEA’s, which expects an oil demand of 1.22 million barrels/day this year.
Recently, OPEC extended voluntary oil output cuts into Q2 to stabilize the market. Yet, OPEC’s oil production rose by 203,000 barrels/day in February to 26.57 million barrels/day, led by output from Nigeria and Libya.
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