The Organization of the Petroleum Exporting Countries (OPEC) stated in its monthly oil report released on Thursday that the appetite for transportation, especially air travel, is expected to persist in supporting the global demand for crude oil in 2024. The report maintains unchanged projections communicated in March, indicating a consumption of 104.5 million barrels per day (Mb/d) on average in 2024.
According to OPEC’s monthly projections, the world is anticipated to consume 104.5 Mb/d in 2024, rising to 106.3 Mb/d in 2025 from 102.2 Mb/d in 2023.
The “robust” global demand for crude oil will be primarily driven by non-OECD regions, with China leading the pack at an expected consumption of 16.90 Mb/d in 2024, followed by India at 5.57 Mb/d. The Middle East is projected to account for 8.93 Mb/d, while Russia is expected to consume 3.94 Mb/d (up from 3.84 Mb/d in 2023).
The strong demand for air transportation and the robustness of road transport, along with positive performances in industrial, construction, and agricultural sectors in non-OECD countries, are highlighted by OPEC as factors supporting oil consumption.
Furthermore, OPEC notes that additional capacities and margins related to petrochemicals, particularly in China and the Middle East, are expected to contribute to the growth in oil demand.
However, the organization emphasizes that its forecasts remain subject to numerous uncertainties, including global economic developments.
Source: AFP