In its latest monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) said that it expects that world oil demand will increase by 2.25 million barrels per day (bpd) this year and by 1.85 million bpd next year. Both forecasts were unchanged from the previous month.
Meanwhile, the cartel improved its projections of global economic growth for 2024 and 2025. It now sees the 2024 world economic growth at 2.7%, up from 2.6% in the previous report, and the 2025 world economic growth at 2.9%, up from 2.8% in the previous report.
"Global economic growth remains robust," OPEC noted, adding that further upside potential could materialise in all major OECD and non-OECD economies.