BAKU, Azerbaijan, February 5. The global demand for oil in 2024 is expected to demonstrate growth compared to the previous two years, but forecasts for its increase by different analytical organizations vary, Trend reports.
According to the Organization of the Petroleum Exporting Countries (OPEC), the growth of global demand will be 2.25 million barrels per day in 2024 and 1.8 million barrels per day in 2025 as the Chinese economy strengthens.
"From this volume, non-OPEC countries will be able to offer oil in the amount of 1.34 million barrels per day in 2024 and 1.27 million barrels per day in 2025 against the backdrop of increasing production in the US, Canada, and Guyana," OPEC said.
Energy intelligence predicted an increase in global oil demand in 2024 of only 1.1 million barrels per day, which "represents average standard growth rates for the pre-COVID-19 epoch."
The International Energy Agency forecasted a growth in demand for oil in 2024 of 1.2 million barrels per day; the US Energy Information Administration predicts a demand increase of 1.35 million barrels per day; and Standard Chartered forecasted a growth of 1.5 million barrels per day.
To note, in 2023, global oil demand exceeded the consumption level of 2022 by more than two million barrels per day due to the recovery of the economies of Asian countries and China.
Global oil consumption last year exceeded 100–105 million barrels per day.
