The Monthly Oil Market Report (MOMR), released by the Organization of the Petroleum Exporting Countries (OPEC), revealed the cartel left its 2024 global oil demand growth forecast unchanged at 2.2 mb/d in June. "The OECD oil demand in 2024 is expected to expand by around 0.2 mb/d, while the non-OECD is forecast to grow by around 2.1 mb/d," the OPEC noted in the report.
In addition, OPEC kept its 2025 global oil demand growth projection at 1.8 mb/d. "The OECD oil demand is expected to grow by 0.1 mb/d, y-o-y, while the non-OECD demand is forecast to expand by 1.7 mb/d," the organisation said.