2024-01-17T15:05:44+00:00
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/ OPEC raised its expectations for global oil demand growth in its monthly report for January, while the group lowered its expectations for non-OPEC supply growth to 1.3 million barrels per day in 2024.
Speaking of global oil demand, the group expected global oil demand to grow by 1.8 million barrels per day in 2025, and also kept its forecast for global oil demand growth unchanged at 2.2 million barrels per day in 2024.
As for OPEC oil, the group expected demand for OPEC oil to reach 28.5 million barrels per day in 2024, and to increase to 29 million barrels per day in 2025.
The group kept its global economic growth forecast unchanged at 2.6% in 2024.
It also expected non-OPEC supplies to grow by 1.3 million barrels per day in 2025.
Meanwhile, OPEC revised down its oil production figures to reflect Angola’s exit from the group and said OPEC’s share of the global crude oil market was 26.5% in December.