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Market Participants Divided on Global Oil Demand Growth for 2024

OIL

Market participants this week have voiced different projections on global oil demand growths for next year ranging from 1mbpd to above 2mbpd.

  • ING expects global oil demand growth is slowing next year to around 1mbpd, with China accounting for around 60% of the total growth.
  • OPEC’s Secretary-General Haitham Al-Ghais said on Tuesday global oil demand growth continues to be positive and consumption is forecast to grow by more than 2mbpd next year.
  • Energy Aspects’ Amrita Sen said during an interview this week that oil demand is expected to grow by 1mbpd in 2024, compared with 2.3mbpd this year.
  • Gunvor’s head of research and analysis Frederic Lasserre said oil demand is expected to grow by 1.6-17mbpd next year.

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