The Organization of the Petroleum Exporting Countries expects world oil demand to rise by 2.25 million barrels per day in 2024. Its forecast is double that of the International Energy Agency.
OPEC said in the report OPEC+’s preemptive approach and cuts had added stability to the market, “based on which the solid oil market fundamentals seen this year are expected to extend into 2024.”
Also in the report OPEC raised its 2023 demand growth forecast by 90,000 bpd from last month. OPEC sources last week said OPEC would stick to an upbeat demand view for 2024 and see higher growth than the IEA. OPEC expects non-OPEC supply to rise by 1.4 million bpd, lagging demand growth and the same rate as 2023.
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