OPEC’s monthly report is about to publish its first demand forecast in 2024, which is expected to be optimistic

July 6th, OPEC is expected to publish its first demand forecast for 2024 in its monthly report on July 13th. OPEC sources said OPEC is likely to remain optimistic about oil demand growth next year.

The sources expect OPEC’s demand growth forecast for next year to be slower than this year’s forecast of 2.35 million barrels per day, but still higher than the average of the past 10 years and higher than the forecast of the International Energy Agency (IEA), The latter expects demand growth to slow sharply to 860,000 bpd next year.

Three of the OPEC sources said next year’s oil demand growth could be above 1 million bpd and below 2 million bpd. It could be between 1.5 million and 1.7 million bpd, one source added.