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Global Oil Demand to Rise by 2mbpd in 2024: WoodMac

OIL

Global oil demand will grow by 2mbpd year on year in 2024 to reach 103.5mbpd, WoodMac said in a note.

  • China will account for more than 25% of the increase, with much of the growth coming in the second half of this year, the note said.
  • Global oil supply will lag demand growth due to OPEC+ production cuts, the note said.
  • Morgan Stanley said in a note this year it forecasts global oil demand to grow by 1.2mbpd this year.
  • Standard Chartered expects consumption to rise by 1.54mbpd in 2024, with China accounting for 553kbpd.

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