In its February report, the cartel stated that OPEC predicts the global oil demand will increase by 2.2 million barrels per day in 2024 and by 1.8 million barrels per day in 2025.
By 2024, the worldwide consumption of oil could potentially reach 104.4 million barrels per day, and by 2025, it could rise to 106.25 million barrels per day.
OPEC predicts that world oil demand for this year will be boosted by high demand for air travel and increased use of diesel and trucking on the roads. They also expect that industrial, construction, and agricultural activities in non-OECD countries will contribute to the growth in oil demand.
Additionally, OPEC anticipates that capacity expansions and favorable petrochemical margins in non-OECD countries, mainly in China and the Middle East, will further drive the increase in oil demand.
In the meantime, OPEC has lowered its forecast for the increase in oil production from non-OPEC countries in 2024 by about 150,000 barrels per day, bringing it to 1.2 million barrels per day.
However, the outlook for 2025 remains unchanged at 1.3 million barrels per day. In total, non-OPEC nations are expected to supply 70.5 million barrels per day of oil in 2024, and 71.8 million barrels per day in 2025.
According to a report by OPEC, the main countries expected to drive supply growth this year are the US, Brazil, Canada, Norway, Kazakhstan, and Guyana. Conversely, a significant decrease in production is anticipated in Mexico and Angola.
