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OPEC Adjusts Global Oil Demand Forecast for 2023-2024

Baku – The Organization of the Petroleum Exporting Countries (OPEC) has revised its global oil demand forecast for the years 2023-2024. APA-Economics cites OPEC’s monthly report, stating that the global daily oil demand for this year is now expected to be 102.11 million barrels, a slight increase of 0.05 million from the previous forecast. For 2023, the growth rate of oil demand is projected to be 2.46 million barrels, up from the earlier prediction of 2.44 million barrels.

According to Azeri-Press News Agency, the global oil demand for 2024 is forecasted to reach 104.36 million barrels, marking an increase of 2.25 million barrels compared to the 2023 forecast.