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Wood Mackenzie Forecast Oil Demand to Grow by 2m b/d in 2024

OIL

Wood Mackenzie forecast that global oil demand will grow by 2m b/d this year, with China accounting for 25% of the increase, according to Interfax reporting.

  • Global oil demand in 2024 will be 102.5m b/d, according to Wood Mackenzie analysts cited by Interfax.
  • "Most of the growth [in oil demand] will occur in the second half of the year," which "will be supported by improving economic growth and lower interest rates," Wood Mackenzie senior vice president of research Alan Gelder said.
  • Oil supply growth will lag demand growth due to OPEC+ measures in 2024 to constrict supply. However, absent such measures, the market could become oversupplied.
  • A key factor influencing product supply is the start-up of Nigeria’s 650k b/d Dangote refinery, which WoodMac expect in Q2.
Energy BulletsCommodities
Energy BulletsCommodities

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