VIENNA, Sept. 12, 2023 (Xinhua) – The Organization of the Petroleum Exporting Countries (OPEC) expected strong growth in global oil demand in 2023 and 2024, thanks to “resilient” global economic growth.
OPEC said in its monthly oil market report for September, published on Tuesday, that it expects global oil demand to rise by 2.44 million barrels per day in 2023 and by 2.25 million barrels per day next year.
This represents an annual growth of 2.45 percent this year and 2.2 percent in 2024, and thus the organization kept its forecasts unchanged compared to last month.
OPEC said that global demand for oil this year, which is expected to reach 102.1 million barrels per day, will exceed levels before the Covid-19 pandemic.
The group of oil-producing countries added that despite numerous challenges such as high inflation rates, interest rates and geopolitical tensions, “continued global economic growth is expected to drive demand for oil, especially in light of the steady recovery of tourism, air travel and mobility.”
“In 2024, strong global economic growth, amid ongoing developments in China, is expected to further boost oil consumption,” she said.
In the monthly report, the organization also stuck to its previous expectations for global economic growth of 2.7 percent in 2023 and 2.6 percent in 2024.
2023-09-13 01:29:15
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