According to OPEC’s monthly oil market report obtained by Punch Online on Wednesday, the Organisation left the crude oil demand forecast unchanged. “Demand for OPEC crude is projected to stand at about 28.5 million bpd in 2024, 1.1 million bpd higher than in 2023, while demand for OPEC crude in 2025 is expected to reach about 28.8 million bpd. In 2025, “non-OPEC liquids production is expected to reach 71.9 million bpd, with a growth rate of 1.4 million bpd. “The global oil demand growth forecast for 2024 remains unchanged from last month’s assessment at 2.2 million bpd, year-on-year. In 2025, global oil demand is expected to see a robust year-over-year growth of 1.8 million bpd.

Source: Punch March 14, 2024 01:06 UTC