September 13, 2023
1 min read

OPEC sticks to oil demand growth forecasts

OPEC said this year’s global oil demand, expected to reach 102.1 million bpd, will surpass pre-COVID-19-pandemic levels…reports Asian Lite News

Robust global oil demand growth has been forecast in 2023 and 2024 by the Organization of the Petroleum Exporting Countries (OPEC), thanks to “resilient” global economic growth.

In its monthly oil market report for September, published on Tuesday, OPEC said it expected world oil demand to rise by 2.44 million barrels per day (bpd) in 2023, and by 2.25 million bpd next year.

This represents annual growth of 2.45 percent this year, and 2.2 percent in 2024. The forecasts remain unchanged from last month.

OPEC said this year’s global oil demand, expected to reach 102.1 million bpd, will surpass pre-COVID-19-pandemic levels.

The oil producer group said that despite numerous challenges, including high inflation, elevated interest rates and geopolitical tensions, “ongoing global economic growth is forecast to drive oil demand, especially given the recovery in tourism, air travel and steady driving mobility.”

“In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption,” it added.

In the monthly report, the organization also stuck to its previous forecasts for world economic growth: 2.7 percent in 2023, and 2.6 percent in 2024.

ALSO READ-Foxconn Ramps Up Hiring in China

Previous Story

‘Google pays $10 bn a year to maintain monopoly’

Next Story

US standing on brink of total shutdown

Latest from -Top News

Ramaphosa gains from US showdown

South African President’s conduct with Trump reminded South Africans of his diplomatic pedigree, and of his importance to the country’s rules-based order South Africa’s President Cyril Ramaphosa and his delegation went to

Armed gangs kill dozens in Nigeria

A local state governor said “scores” of people had been killed in the attacks, which also saw homes and properties destroyed. Northeast Nigeria has been gripped by a deadly wave of violence

Children die as USAID aid cuts snap a lifeline

Trump administration cut more than 90% of USAID’s foreign aid contracts and $60 billion in overall assistance around the world. Programs serving children were hit hard Under the dappled light of a
Go toTop

Don't Miss

UAE’s non-oil foreign trade records 27% growth

The value of national non-oil exports amounted to about AED

4 countries consulted to join OPEC

Al Ghais said that consultations with new countries from outside