The Organization of the Petroleum Exporting Countries (OPEC) has kept its forecasts for global oil demand for this year unchanged, primarily supported by strong demand for air travel and ground transportation, as well as the resilience of the global economy. OPEC stated that there is a chance for the global economy to perform better than expected this year. According to OPEC's monthly report released today, Tuesday, global oil demand is expected to grow by 2.2 million barrels per day this year, unchanged from last month's estimates. The organization also maintained its forecast for global oil demand growth for next year at 1.8 million barrels per day.
OPEC also kept its forecast for member countries of the OPEC+ alliance's oil demand this year at 43.2 million barrels per day and raised its forecast for OPEC+ countries' oil demand next year by about 800,000 barrels per day. The monthly report noted that the organization maintained its forecast for non-OPEC+ supply growth this year at 1.2 million barrels per day. The report also mentioned that oil production by OPEC+ member countries fell in April by about 246,000 barrels per day to 41 million barrels per day. Starting this month, OPEC has decided to stop publishing its crude oil demand forecasts in its monthly report and will instead focus on demand forecasts from the broader OPEC+ alliance.
