BAKU, Azerbaijan, September 10. OPEC has slightly revised down its global oil demand growth forecast for 2024 by 80,000 barrels per day (tb/d) compared to the previous month’s assessment, Trend reports.
Despite the revision, global oil demand in 2024 is still projected to grow by 2.0 million barrels per day (mb/d) year-on-year, well above the pre-pandemic historical average of 1.4 mb/d, according to OPEC's latest report.
By region, oil demand in OECD countries is expected to increase by more than 100,000 b/d in 2024, with the entirety of that growth coming from OECD Americas. In non-OECD regions, demand is forecast to rise by over 1.8 mb/d, driven primarily by China, along with significant contributions from Other Asia, India, the Middle East, and Latin America.
Thus, OPEC predicts that total global oil demand will reach 105.6 mb/d by the fourth quarter of 2024, with an annual average of 104.24 mb/d. This growth is supported by strong air travel, increased road mobility, including trucking, and robust industrial, construction, and agricultural activity in non-OECD countries. Additional refinery capacity, particularly in China and the Middle East, is also expected to boost demand.
However, OPEC notes that this growth forecast remains subject to uncertainties, including potential shifts in global economic conditions.