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OPEC expects global oil demand to grow by 2.2 mln bpd in 2024

The experts also predict that the global oil supply from non-OPEC countries may grow by 1.4 mln bpd in 2023 and 2024 report

MOSCOW, July 13. /TASS/. The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to grow by 2.2 mln barrels per day (bpd) to 104.25 mln bpd in 2024, according to the organization's July report.

OPEC also raised its forecast for oil demand growth in 2023 by 100,000 bpd to 2.4 mln bpd. In absolute terms, the figure could reach 102 mln bpd. The organization attributed the increase to higher oil demand in China.

Previously, OPEC had kept its forecast for world oil demand growth in 2023 unchanged at 2.3 mln bpd for four months in a row.

Most of all in 2024, oil demand will grow in the Middle East, China, and other Asian countries, according to OPEC. They will account for 2 mln bpd of growth in oil demand. In addition, India, Latin America, and Africa will support the increase in the figure.

At the same time, OPEC predicts that the global oil supply from non-OPEC countries may grow by 1.4 mln bpd in 2023 and 2024 report. In absolute terms, the figure may reach 67.1 mln bpd in 2023 and 68.5 mln bpd in 2024.

Next year, the United States, Canada, Guyana, Brazil, Norway, and Kazakhstan will become the main drivers of growth in world oil supply, and OPEC expects the largest drop in production in Mexico and Azerbaijan.

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