OPEC sticks to oil demand view, sees potential economic upside

By Thomson Reuters May 14, 2024 | 5:07 AM

LONDON (Reuters) – OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 on Tuesday and said there was a chance the world economy could do better than expected this year.

The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month.

This is the last report before OPEC+, which groups OPEC and allies led by Russia, meets on June 1 to set output policy. OPEC sounded an upbeat tone on the economic outlook.

“Despite certain downside risks, the continued momentum observed since the start of the year could create additional upside potential for global economic growth in 2024 and beyond,” OPEC said in the report.

(Reporting by Alex Lawler; editing by Kirsten Donovan and Jason Neely)