OPEC: Strong demand for oil in summer and possibilities for boosting global economy

On Thursday, The Organization of Petroleum Exporting Countries (OPEC) anticipated strong demand for fuel during the summer months and stuck to its projections for relatively strong growth in global oil demand in 2024.

However, it said there is a chance for the global economy to perform better than expected for the year 2024.

OPEC added 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. 

The forecasts remained unchanged from the previous month.

In the report, OPEC stated, "Despite some risks pointing towards a downturn, the continuation of momentum seen at the beginning of the year may lead to possibilities pushing for global economic growth in 2024.''

Reuters