OPEC has revised its 2024 global economy growth expectations to 2.9%, up from 2.8%, highlighting resilient momentum in major economies. This projection is slightly higher than the World Bank’s 2.6% forecast. OPEC also anticipates a steady 2.9% growth in 2025.
The report predicts world oil demand will rise by 2.25 million barrels per day in 2024, driven by markets like China, the Middle East, India, and Latin America. Demand for air travel and road mobility will contribute significantly, with total demand reaching 104.5 million bpd.
OPEC Secretary-General Haitham Al-Ghais emphasized the importance of market fundamentals, predicting continued oil demand growth due to a rebound in travel. However, the International Energy Agency expects slower demand growth in the coming years, projecting a 1 million bpd increase in 2024 as the global energy transition progresses.