OPEC expects global oil demand to increase by 2.25 million barrels per day this year
Recently, OPEC predicted in its monthly report that global oil demand will increase by 2.25 million barrels per day in 2024 compared with 2023, and that global oil demand will increase by another 1.85 million barrels per day in 2025.
OPEC's forecast for global oil demand in the second quarter increased by 50,000 barrels per day. Taking into account that tourism will support oil consumption in the second half of the year, OPEC maintained its forecast for relatively strong global oil demand growth in 2024 and stated that global oil demand will increase by 2.3 million barrels per day in the second half.
The International Energy Agency (IEA) recently released its latest forecast stating that global oil demand will increase by 1.1 million barrels per day in 2024.
Goldman Sachs predicts that the oil market is expected to see a supply gap of 1.3 million barrels per day in the third quarter due to strong transportation demand in the summer.
