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Global Oil Demand to Rise 1.9mbpd in 2024: WoodMac

OIL

Global oil demand is expected to rise 1.9mbpd in 2024, with the Asia Pacific region to account for more than 63% of the growth, WoodMac’s VP of oil research, Alan Gelder, said in a note.

  • Chinese oil demand is estimated to grow by 496kbpd and Indian demand by 161kbpd.
  • European demand is forecast to contract by 44kbpd.
  • Oil consumption growth is forecast to slow in 2025 to 1.4mbpd.
  • Brent crude prices are forecast to average $85.90/bbl this year, the note said.
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Global oil demand is expected to rise 1.9mbpd in 2024, with the Asia Pacific region to account for more than 63% of the growth, WoodMac’s VP of oil research, Alan Gelder, said in a note.

  • Chinese oil demand is estimated to grow by 496kbpd and Indian demand by 161kbpd.
  • European demand is forecast to contract by 44kbpd.
  • Oil consumption growth is forecast to slow in 2025 to 1.4mbpd.
  • Brent crude prices are forecast to average $85.90/bbl this year, the note said.