The Organization of Petroleum Exporting Countries (OPEC) recently released its monthly oil market report, forecasting that global oil demand will reach 104 million barrels per day in 2024, an increase of 2.25 million barrels per day over this year, an annual growth rate of about 2.2%. The report said the forecast is based on expectations of strong global economic growth next year, especially a continued recovery in China.
In the report, OPEC slightly raised this year's global oil demand growth to 2.44 million barrels per day from 2.35 million barrels per day in its June report, mainly due to "increased oil demand in China in the second quarter of this year." OPEC forecasts that global oil demand will reach 102 million barrels a day this year. The report expects the global economy to grow 2.5 percent next year, with healthy growth in major oil consumers such as China and India and other developing economies in the region, which will account for about half of global growth next year.
OPEC Secretary General Haissem Ghaith said in an interview earlier this month that OPEC is very optimistic about the prospects for China's economic recovery and that China will continue to be a "propeller of oil demand growth."