OPEC keeps 2024 oil-demand growth forecast at 2.2 million barrels a day

Breaking News

The Organization of the Petroleum Exporting Countries on Tuesday left its forecast for growth in oil demand this year unchanged from its January outlook at 2.2 million barrels a day, or mbd, bringing total demand to 104.4 mbd. The figure reflects a slight upward adjustment to the U.S. forecast made due to improving expectations for the U.S. economy, which OPEC expects to have a positive impact on oil demand, offsetting a downward revision for European countries in the Organization for Economic Cooperation and Development, a club for wealthy countries. Oil demand is expected to grow 1.8 mbd in 2025. On the supply side, non-OPEC liquids production in 2024 is forecast to grow by 1.2 mbd to average 70.5 mbd, including 50,000 barrels a day processing gains, OPEC said. This reflects a downward revision of around 150,000 barrels a day compared to OPEC’s January assessment.

Original Post

Articles You May Like

Here’s Why Nextdoor Holdings, Inc. (KIND) Fell More Than Broader Market
Biden administration to reportedly relax EV rule on tailpipe emissions
Navalny was struck down with ‘sudden death syndrome’, his mother was told at Russian prison By Reuters
Crypto VC funding climbs for first time in 2 years after bitcoin rally
Trump will quit NATO, Hillary Clinton says, as U.S. commitment in question

Leave a Reply

Your email address will not be published. Required fields are marked *