OPEC has raised its global economy growth expectations in 2024 to 2.9 per cent, from a previous forecast of 2.8pc.
In its monthly report, the organisation noted that growth momentum in major economies remained resilient in the first half of the year, and this trend is likely to continue in the coming months.
The economic projection by the oil producers’ alliance is slightly higher than a recent forecast by the World Bank.
In June, the international financial institution projected that global economic growth would hold steady at 2.6pc in 2024.
In its latest analysis, Opec further highlighted that the worldwide economy would continue growing at a steady pace of 2.9pc in 2025, a forecast unchanged from last month.
The report added that world oil demand will rise by 2.25 million barrels per day and 1.85 million bpd in 2024 and 2025, respectively, also unchanged from the previous month’s projection.
According to the report, this oil demand growth will be driven by markets including China, the Middle East, India, and Latin America.
“Total world oil demand is anticipated to reach 104.5m bpd in 2024, bolstered by strong demand for air travel and healthy road mobility, including trucking,” said Opec.
The alliance further noted that the demand will also be driven by industrial, construction and agricultural activities in non-Organisation for Economic Co-operation and Development countries.
Additionally, petrochemical capacity additions in non-OECD countries could catalyze international oil demand growth.
Opec also cautioned that world oil demand will depend on various factors, including future economic developments in major economies.
In June, Haitham Al-Ghais, the secretary-general of Opec, also predicted continued growth in oil demand, propelled by a rebound in the travel sector.
During his speech at the International Economic Forum, he noted that Opec is always concentrating on market fundamentals to ensure supply, stability and resilience.
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