OPEC reduces 2024 oil demand growth forecast

Vienna, The Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for global oil demand growth in 2024. The organization's report for July expected that the growth rate of the global economy would remain at 2,9 percent for the current and next years, while expectations for this year regarding growth in global demand for oil decreased slightly by 135 thousand barrels to 2,1million barrels per day. OPEC also reduced slightly its forecast for growth in demand for oil next year by 65 thousand barrels per day to 1,8 million barrels per day. OPEC maintained its forecast regarding growth in supplies from outside at 1,2 million barrels per day this year and 1,1 million barrels per day next year, supported by production from the United States, Canada and Brazil. Source: Syrian Arab News Agency