China and the USA are expected to significantly drive the increase in oil consumption for the remainder of the year, according to the Organization of Petroleum Exporting Countries (OPEC).
The organization has maintained its demand forecasts, highlighting positive economic progress.
In its monthly report released today, OPEC stated, “If growth in the main Organization for Economic Co-operation and Development (OECD) and non-OECD economies maintains the dynamics of the first half of the year, economic growth for the year could improve further.”
The Vienna-based oil cartel anticipates that central banks in the United Kingdom, the euro zone, and the United States will adopt “more accommodative monetary policies” in the second half of the year. However, this will depend on the trajectory of inflation.
“Despite some negative risks, growth forecasts for 2024 and 2025 remain unchanged from the last assessment, at 2.8% and 2.9%, respectively,” OPEC noted.
According to Lusa, OPEC expects oil consumption to increase by 2.7% in the third quarter and 1.7% in the fourth quarter, compared to the same periods last year.
This means the world will consume 104.5 million barrels per day of crude oil this year, a 2.2% increase from 2023.
Demand in China is growing the fastest, with India closely following.
