OPEC forecasts strong oil demand growth in 2024

According to OPEC's Secretary General, Haisam al-Ghais, the alliance predicts robust and stable demand for oil in 2024, with an expected growth of 2.2 million barrels per day (b/d) by the end of the year.

According to Interfax, Al-Ghais noted that the first quarter of 2024 already showed promising results, with a 2.3 million b/d increase year-on-year.

Despite traditionally being the lowest-demand period due to seasonal refinery turnarounds, he anticipates stronger demand in the second and third quarters, driven by factors like increased aviation activity, travel, and the holiday season.