2024-02-13 17:04:34
The Organization of the Petroleum Exporting Countries (OPEC) released its February oil market report. It stated that world oil demand will expand by 2.25 million barrels/day in 2024 and 1.85 million barrels/day in 2025.
The forecast figure is unchanged from a report released in January.
In addition, OPEC stated that the global economy is expanding strongly. It is expected that there will be an expansion of 2.7% in 2024 and 2.9% in 2025, from the previous forecast of 2.6% and 2.8%, respectively, driven by a slowdown in inflation.
Meanwhile, OPEC revealed that OPEC oil production fell 350,000 barrels/day in January. to a level of 26.34 million barrels/day while member countries voluntarily reduce production capacity
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