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OPEC PREDICTS ROBUST GLOBAL OIL DEMAND The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday forecast “robust” global oil demand growth of 1.8 million barrels per day (bpd) in 2025, backed by strong global economic recovery and “continued solid economic activity in China.” OPEC predicted in its first assessment of next year’s oil demand levels, which was included in its monthly oil market report published on the day. Global oil demand growth next year will be driven by nearly 1.7-million-bpd growth in non-OECD (the Organization for Economic Co-operation and Development) countries, mostly in China, the Middle East, India and other Asian countries, according to the report. For 2024, OPEC expected global oil demand to rise by 2.2 million bpd compared to 2023, unchanged from the prediction in last month’s report. OPEC, in Wednesday’s report, predicted the yearly global economic growth to reach 2.8 percent in 2025, up from a 2.6-percent growth forecast for this year. “This positive trajectory is in line with the expectation that general inflation will continue to diminish throughout 2024 and into 2025, particularly in major economies. A shift towards increasingly accommodative monetary policies is anticipated for the second half of 2024 and throughout 2025, with key policy rates expected to peak in the first half of 2024,” OPEC explained. In terms of oil supply, the organization expected non-OPEC production to rise by 1.3 million bpd in both 2024 and 2025. OPEC’s latest forecasts came on the same day that the oil-producer group’s Secretary General Haitham Al Ghais rebutted predictions that oil demand is approaching a peak. “Peak oil demand is not showing up in any reliable and robust short- and medium-term forecasts,” Al Ghais said in a statement, countering predictions from the International Energy Agency (IEA) that global oil demand will peak before the end of this decade.

  • johnte ndeto

    12 w

    This is so insensitive

    4
    • CHRIS NGATIA

      11 w

      @johnte_ndeto it's very insensitive

      1
      • Rashid Kamau

        11 w

        @johnte_ndeto Yes! I second you.

        1
      • Ingmar Rentzhog

        13 w

        They predict what they hope for. A drug dealer will always predict that they will be rich and not go to prison.

        11
        • Patrick Kiash

          13 w

          @Rentzhog I wish they could read your feedback.

          2
          • Munene Mugambi

            13 w

            @Rentzhog certainly. These predictions are only a nudge so people decide to go along with what is expected

            2
            • Esther Wanjiku

              12 w

              @Rentzhog it is very unfortunate. We can only hope their predictions fail terribly

              2
              • Ingmar Rentzhog

                12 w

                @esther_wanjiku_785 We must do more than hope. We need to actively make sure this will never happen.

                2
              • Munene Mugambi

                13 w

                Send a climate warning to OPEC and the main buyers as well

                2
                • Esther Wanjiku

                  13 w

                  This prediction only means that the global markets are dilly dallying on the shift to cleaner fuels.Very disheartening

                  9
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