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OPEC forecasts steady growth in oil demand in 2024

June, 06 2024
watermark Economic news

OPEC Secretary General Haissam al-Gais said at the session «The future of the oil and gas market: prospects for global demand and producer plans» for SPIEF 2024 that the alliance expects steady and strong growth in oil demand in 2024, with an increase of 2.2 million barrels per day.


«This year, we forecast an increase in oil demand by 2.2 million barrels per day. In the first quarter of 2024, we have already seen an increase of 2.3 million b/d», said the head of OPEC.


The Secretary General stressed that, as a rule, the first quarter is the weakest of the year, when demand is minimal due to seasonal repairs at refineries around the world. In the second and third quarters, there is traditionally more active demand from aviation, an increase in the number of trips and the beginning of the holiday season. Therefore, the organization expects demand to remain strong and stable.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.