The predictions from the monthly report on the oil market by the Organization of the Petroleum Exporting Countries (OPEC), released on Tuesday, the 13th, estimate that global demand for oil will grow steadily this year and in 2025, with China’s consumption and transport fuels being the main drivers of this trend.
OPEC states that pre-Covid-19 consumption levels were already surpassed in 2022. According to the document, demand will increase by 2.2% this year, reaching 104.4 million barrels per day (mbd), which is described as a consequence of the “robust economic growth expected for this year.” In 2025, this trend will continue, with a “healthy” increase of 1.7% and a total consumption volume of 106.6 mbd.
OPEC points out that pre-Covid-19 consumption levels were already surpassed in 2022, leading to a demand collapse, and in 2023, there was another strong recovery as China eased the restrictions imposed to contain the pandemic.
In this context, OPEC experts indicate that China will drive demand growth this year, with an expected consumption of nearly 17 mbd, more than all industrialized countries in Europe combined.
Together with India, the country where demand will grow most proportionally, the two Asian giants will consume 22.4 mbd, significantly more than the United States, which remains the world’s strongest economy.
In total, the most industrialized countries of the Organization for Economic Cooperation and Development (OECD) will consume only 46% of all oil in 2024, a percentage that will drop to 43% the following year.
