OPEC Sticks To Strong Oil Demand Growth Forecasts

OPEC has stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, citing resilient economic growth and strong rebound in air travel in the summer months. In its latest Monthly Oil Market Report (MOMR), OPEC has predicted that global oil demand would rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both figures remain unchanged from its first forecast in January 2024. Similarly, on the supply side, the group has kept its non-OPEC+ liquids supply growth estimate unchanged…