OPEC forecasts oil demand growth in 2024 and 2025
Shafaq News/ OPEC forecasted on Wednesday that global oil demand would grow
by 1.4 million barrels per day (bpd) over the current and next year.
In its first monthly report of the year, the organization described this
demand growth as "healthy," primarily driven by China, India, and
other Asian countries, along with the Middle East and Latin America.
The report's figures show that combined demand growth from India and China
will account for approximately 550,000 bpd this year and next, representing
nearly 40% of total global demand growth.
By 2026, New Delhi is expected to match Beijing in demand growth, with both cities
projected to grow by 270,000 bpd each.
The report also highlighted that strong recoveries in air travel, truck
transportation, as well as industrial activities and construction projects,
especially in non-OECD countries, will support petroleum product demand growth
this year.
Additionally, new additions to refining capacities and petrochemical projects will further contribute to the growth in crude oil demand, according to the report.