Search
Close this search box.

Next year OPEC+ global oil demand to surpass 800,000 barrels – report

Next year OPEC+ global oil demand to surpass 800,000 barrels – report


VIENNA, The demand for crudes from the OPEC+ will increase by about 900,000 barrels per day from the level estimated for 2023, said OPEC in its monthly report Tuesday.

The report stated that the demand for OPEC+ crudes in 2025 will also remain unchanged from the previous month’s assessment, reaching 44.0 million barrels per day, about 800,000 barrels higher than the level estimated for 2024.

According to the report, the price of the OPEC crude basket rose, April rose by USD 4.90, or 5.8 percent, to an average of USD 89.12 per barrel, and the average price of Brent crude oil rose by USD 4.33, or 5.1 percent, to reach USD 89.00 per barrel.

Regarding global economic growth expectations for 2024 and 2025, the report said that they will remain unchanged at 2.8 and 2.9 percent, respectively. In the United States, economic growth for 2024 and 2025 was revised slightly upward to 2.2 and 1.9 percent.

As for the Eurozone, economic growth expectations remain at 0.5 percent in 2024 and 1.2 percent in 2025. In Japan,
at 0.8 percent in 2024 and 1 percent in 2025. In China, at 4.8 percent in 2024 and 4.6 percent. In 2025, and India at 6.6 percent in 2024 and 6.3 percent in 2025.

While economic growth in Russia for 2024 was revised slightly upward to 2.3 percent, expectations for 2025 remain at 1.4 percent.

The OPEC report indicated that global oil demand growth expectations for 2024 remain largely unchanged from last month’s assessment of 2.2 Million barrels per day.

OPEC concluded in its report by saying: The growth in oil supplies from outside the OPEC+ alliance will reach 1.1 million barrels per day in 2025, largely unchanged from the previous month’s assessment.

Source: Kuwait News Agency