In its July monthly report, released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for global oil demand growth in 2024 at 2.2 million barrels per day (mb/d), the same as last month. According to the report, OECD oil demand for 2024 is projected to increase by about 0.2 mb/d, while non-OECD demand is expected to grow by approximately 2.1 mb/d. Looking ahead to 2025, global oil demand is anticipated to experience strong growth of 1.8 mb/d year-over-year, consistent with the previous month’s assessment. OECD oil demand is forecasted to rise by 0.1 mb/d annually, while non-OECD demand is projected to expand by 1.7 mb/d.
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Additionally, OPEC revised upward its global economic growth forecasts for this year to 2.9%, slightly higher than the previous estimate of 2.8%.