OPEC anticipates 'strong' growth in oil demand in 2025

World News
2024-01-17 | 10:59
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OPEC anticipates 'strong' growth in oil demand in 2025
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OPEC anticipates 'strong' growth in oil demand in 2025

The initial projections from the Organization of the Petroleum Exporting Countries (OPEC) suggest that oil demand will experience 'strong' growth in 2025, reaching a new record level, per the organization's monthly report on Wednesday.

The world is expected to consume an average of 106.2 million barrels of oil daily, compared to estimates of 104.4 million in 2024 and 102.1 million in 2023.

These expectations place demand for oil at a new record level despite climate experts' calls to reduce the consumption of fossil fuels, the largest contributor to global warming.

According to the report, "Initial expectations for global oil demand growth in 2025 indicate a robust increase of 1.8 million barrels per day annually" (compared to 2024).

The increase in oil demand is attributed to "the continuation of strong economic activity in China and sustainable growth expected in other non-OECD countries," as confirmed by the cartel.

The anticipated global oil demand growth for 2025 remains lower than in 2024, with an expected increase of 2.2 million barrels per day this year, particularly in non-OECD countries. These projections are consistent with OPEC's estimates announced in December."

AFP

World News

OPEC

Growth

Oil

Demand

2025

Economy

Global Warming

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