2024-01-17 14:27:35
The world would consume 106.2 million barrels of oil on average each day in 2024, compared to an estimate of 104.4 million in 2024 and 102.1 in 2023.
Oil demand is set to experience “robust growth” in 2025, towards a new record, according to initial forecasts from the Organization of the Petroleum Exporting Countries (OPEC) published Wednesday in its monthly report. The world would thus consume 106.2 million barrels of oil on average each day next year, compared to an estimate of 104.4 million in 2024 and 102.1 in 2023.
These forecasts place demand for black gold at a new record, despite calls from climate experts to reduce the consumption of fossil fuels, the biggest contributors to global warming. “Initial forecasts for growth in global oil demand in 2025 show robust growth of 1.8 million barrels per day year-on-year” (compared to the year 2024), indicates OPEC in this report.
Growth driven by non-OECD countries
This increase in demand for black gold will be driven “by the continuation of solid economic activity in China and the sustained growth expected in other non-OECD countries”, underlines the cartel of oil countries.
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In detail, demand in OECD countries is expected to increase only slightly, from 0.1 million barrels per day over one year in 2025, to 46.13 million barrels per day, without exceeding pre- pandemics of 2019. In non-OECD countries, it is expected to experience “considerable growth” of 1.7 million barrels daily, mainly driven by China, the Middle East and India, surpassing the 60 million barrels every day.
The forecast growth in global oil demand for the year 2025 remains lower than that of 2024, with an increase of 2.2 million barrels per day expected this year, mainly in non-OECD countries, a outlook unchanged compared to OPEC estimates communicated in December.
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