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Mar 14, 2024 · World oil demand growth is now forecast at 1.3 mb/d in 2024, down sharply from last year’s 2.3 mb/d expansion. The slowdown in growth, already apparent in recent data, means that oil consumption reverts towards its historical trend after several years of volatility from the post-pandemic rebound.
The world economic growth forecasts for 2024 and 2025 remain unchanged at 2.8% and 2.9%, respectively. In the United States, economic growth for 2024 is revised up slightly to 2.1%, as the healthy momentum from 2H23 is expected to carry into 2024while the forecast for 2025 remains at 1.7%. The economic growth ,
Jun 12, 2024 · The report provides detailed analysis and forecasts of oil demand fundamentals across fuels, sectors and regions. It also outlines projected supply from planned upstream and downstream projects around the world.
world oil demand is forecast to grow by a healthy 2.2 mb/d, reaching about 104.25 mb/d. The OECD is anticipated to expand by 0.26 mb/d, with OECD Americas contributing the largest increase.
The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance.
The expansion in global oil demand next year is likely to be powered by faster-growing economies in the developing world, especially in Asia. Global oil demand is expected to increase by 1.5 mbd in 2024, down from a forecast 2 mbd in 2023 as world GDP growth moderates to 2.8% from 3.0% in 2023.
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Will world oil demand grow in 2024?
What is the OPEC oil demand forecast for 2024?
Will world oil production outstrip demand growth in 2023-2030?
Will US oil supply expand in 2024?
A ramping up of world oil production capacity, led by the United States and other producers in the Americas, is expected to outstrip demand growth over the 2023-2030 forecast period and inflate the world’s spare capacity cushion to levels
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