OPEC maintained its forecast for oil demand growth in 2024 at 2.2 million b/d
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The Organization of Petroleum Exporting Countries (OPEC) maintained its forecast for global oil demand growth in 2024 at 2.2 million barrels per day (b/d), to 104.46 million b/d. This is stated in the April report organizations.
OPEC maintained its expectations for oil demand growth in 2025. As indicated in the report, global demand will increase by 1.85 million b/d by 2024 levels, to 106.3 million b/d. In 2023, global oil demand amounted to 102.21 million bpd.
The organization’s material indicates that oil production by OPEC countries in March remained almost unchanged compared to February and amounted to 26.6 million bpd. At the end of 2023, OPEC countries produced an average of 27.01 million bpd compared to 27.73 bpd in the previous year.
At the end of 2023, Russia produced 10.93 million bpd. OPEC expects that in 2024 the country will reduce oil production by 0.2 million bpd, to 10.75 million bpd. In 2025, this figure, according to the organization’s forecast, will increase to 10.88 million bpd.
Read about Russian oil exports in Kommersant’s text. “Oil rushed abroad”.
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