OPEC expects robust oil demand growth in 2025

Economy

17-01-2024, 21:49

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Followed by-INA
The Organization of the Petroleum Exporting Countries (OPEC) maintained, on Wednesday, its expectations of relatively strong growth in global oil demand during 2024, noting that 2025 will witness a strong increase in crude consumption led by China and the Middle East.

OPEC's forecasts come earlier than usual.
The 2025 forecasts are consistent with OPEC's opinion that oil consumption will continue to rise over the next two decades, and contradict estimates by other parties such as the International Energy Agency that consumption will reach its peak by 2030 as the world shifts to cleaner energy sources.
OPEC said in its monthly report: “Global demand for oil will rise by 1.85 million barrels per day to 106.21 million barrels in 2025.”
It also expected demand growth of 2.25 million barrels per day during the current year, which is similar to the forecast it issued last month.