BAKU, Azerbaijan, March 14. Global oil demand is expected to grow by 2.2 mb/d in 2024, Trend reports.
According to the latest forecast provided by OPEC, the world oil demand growth outlook for 2024 hasn't changed from last month.
In the first quarter of 2024, there's a small downward adjustment in OECD Asia Pacific due to expected lower performance in manufacturing and petrochemical sectors in Japan and South Korea. However, India and Other Asia are expected to improve during the same period, balancing things out.
Oil demand in OECD regions is predicted to grow by around 0.3 mb/d year-over-year, mainly led by OECD Americas and supported by a slight increase in OECD Europe and Asia Pacific. In non-OECD countries, oil demand is forecasted to grow healthily by 2 mb/d year-over-year, primarily driven by China and supported by the Middle East, Other Asia, India, and Latin America.
Overall, total global oil demand is estimated to reach 104.5 mb/d in 2024, boosted by strong air travel demand, increased road mobility, and active industrial, construction, and agricultural activities, especially in non-OECD nations.
Additionally, new capacity additions and favorable petrochemical margins, mainly in China and the Middle East, are expected to contribute to oil demand growth. However, this forecast could be uncertain due to global economic developments.
Looking ahead to 2025, global oil demand is projected to see robust growth of 1.8 mb/d year-over-year, with a slight increase in OECD countries and a significant rise in non-OECD regions.