OPEC remains optimistic that the world will see robust oil demand growth this year and next amid improving economies and further upside potential in global economic growth
. In its closely-watched Monthly Oil Market Report MOMR published on Tuesday, OPEC revised up slightly its global economic growth forecast for this year to 2.8%, up by 0.1 percentage point compared to its report from last month. The cartel left its 2025 economic growth projection unchanged at 2.9%. “While some downside risks persist, a continuation of the expected momentum from the beginning of the year could result in additional upside potential for global economic growth in 2024,” OPEC said.
Related Europe’s Secret Weapon In Its Energy War With Russia “There exists the possibility of additional upside to global economic growth, particularly if inflation decreases at a faster rate than currently anticipated,” the cartel noted, adding that India and China also have the potential to provide further impetus to global economic growth in both 2024 and 2025.
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