OPEC says world oil demand will grow by 2.2 million barrels per day to 104.25 million barrels per day in 2024.
The energy group is raising its 2023 forecast to 2.4 million barrels per day, following an upward revision of about 0.1 million barrels per day from last month’s assessment.
In its Monthly Oil Market Report, the global organisation said the World GDP growth in 2024 is forecast at 2.5 per cent, slightly below this year’s expected growth level of 2.6 per cent.
It said: “Key oil-consuming countries, including China and India, along with some other developing economies in Asia, will continue their healthy growth levels and be responsible for around half of next year’s global economic growth.
“This is under the assumptions that general inflation will continue retraction in 2H23 and 2024. Tight monetary policies are also assumed to continue and key policy rates to peak by the end of 2023.
“Moreover, central banks are expected to engage in more accommodative monetary policies by 2H24.”
The world economic growth in 2023 is to remain broadly unchanged at 2.6 per cent, according to the organisation, with the initial forecast for 2024 economic growth expected at 2.5 per cent.