The Organization of the Petroleum Exporting Countries (OPEC) anticipated strong fuel demand in the summer months and maintained its forecast for relatively strong global oil demand growth in 2024. However, it noted that there is a chance for the global economy to perform better than expectations for this year. OPEC stated in its monthly report that global oil demand is expected to increase by 2.25 million barrels per day in 2024 and by 1.85 million barrels per day in 2025, with no changes from last month's forecasts. OPEC's report mentioned, "Despite some risks that could push for a decline, the continued momentum observed at the beginning of the year may lead to prospects for global economic growth in 2024."
OPEC Sees Strong Oil Demand in Summer
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