VIENNA: 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.
