The Organization of the Petroleum Exporting Countries (OPEC) released its oil market report in February. He said world oil demand will increase by 2.25 million barrels/day in 2024 and 1.85 million barrels/day in 2025.
The forecast figure has not changed since a report released in January.
Additionally, OPEC said the global economy is expanding strongly. It is expected that there will be an expansion of 2.7% in 2024 and 2.9% in 2025, from the previous forecast of 2.6% and 2.8%, respectively, driven by slowing inflation.
Meanwhile, OPEC revealed that OPEC oil production fell by 350,000 barrels per day in January. to a level of 26.34 million barrels per day while member countries voluntarily reduce production capacity
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