OPEC maintains forecast of an increase in global oil demand in 2024, at 2.2 million bpd

The Organization of Petroleum Exporting Countries (OPEC) maintained its forecast of an increase in global demand for oil in 2024, at 2.2 million barrels per day (bpd), according to a monthly report published this Tuesday, 13.

For 2025, the cartel also reiterated its projection for global demand, of an increase of 1.8 million bpd.

Demand in countries that are part of the Organization for Cooperation and Development (OECD) alone is expected to increase by 300,000 bpd this year and 100,000 bpd next, OPEC projects.

Outside the OECD, the forecast is for increases of around 2 million bpd in consumption in 2024 and 1.7 million bpd in 2025.

Offer between non-OPEC countries

Also this Tuesday, OPEC cut its forecast for the increase in oil supply between countries outside the group in 2024 by 100,000 barrels per day (bpd), to 1.2 million bpd.

The countries that are expected to contribute most to increasing supply in 2024 are the USA, Canada, Guyana, Brazil and Norway.

In 2025, OPEC continues to expect an increase of 1.3 million bpd in global supply of the commodity outside the group.

Still in the report, OPEC informs that its production fell by 350 thousand bpd in January compared to December, to an average of 26.34 million bpd, according to secondary sources.

GDP projections

OPEC also raised its projection for an increase in global Gross Domestic Product (GDP) in 2024, from 2.6% to 2.7%, according to the monthly document published this Tuesday.

She increased her growth forecast for this year in the US, from 1% to 1.6%, but maintained that for the euro zone, at 0.5%.

In the case of China, the cartel continues to forecast expansion of 4.8% in 2024.

For 2025, OPEC raised its projection for global GDP growth, from 2.8% to 2.9%, as well as for the USA, from 1.5% to 1.7%.

For the euro zone and China, the cartel continues to forecast gains of 1.2% and 4.6% next year, respectively.