Oil: OPEC forecasts strong summer demand

by Alex Lawler

LONDON, April 11 (Reuters) – The Organization of the Petroleum Exporting Countries (OPEC) predicted strong fuel consumption in the summer months and maintained its forecast for relatively strong growth in global oil demand in 2024.

In its monthly report, OPEC estimates that global oil demand will increase by 2.25 million barrels per day (bpd) in 2024 and 1.85 million bpd in 2025, both forecasts unchanged from last month.

A resumption of economic growth could provide further boost to oil prices, which have risen above $90 a barrel this year due to tight supplies and tensions in the Middle East.

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OPEC and its allies, united within OPEC+, last week maintained their production cuts until the end of June.

“Despite some downside risks, the continuation of the dynamics observed at the start of the year could result in a new potential increase in global economic growth in 2024,” writes OPEC in its report.

OPEC+ will meet in June to decide whether to extend production cuts or return part of the supply to the market. (French version Diana Mandiá)


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