OPEC: Global oil demand will increase this year and next

Recently, the Organization of Petroleum Exporting Countries (OPEC) released a monthly report forecast that in 2024, global oil demand will increase by 2.25 million barrels per day compared with 2023, reaching 104.36 million barrels per day; In 2025, global oil demand will increase by 1.85 million barrels per day to 106.21 million barrels per day.

OPEC's current members believe that global oil demand will continue to increase over the next 20 years. By region, China and the Middle East are expected to lead oil demand growth. By 2025, demand in OECD countries is forecast at 46.13 million barrels per day, Europe at 13.49 million barrels per day, the Middle East at 9.4 million barrels per day, the United States at 20.45 million barrels per day, China at 17.19 million barrels per day and India at 5.79 million barrels per day.

OPEC's oil demand forecasts are sharply at odds with those of the International Energy Agency (IEA) and others. The IEA forecasts that oil demand will peak in 2030 as the world transitions to clean energy. Taking into account factors such as the slowdown in the expansion of China's petrochemical industry, global oil demand is expected to increase by 1.24 million barrels per day in 2024, about half of the 2.3 million barrels per day in 2023.