OPEC Increases its Forecast for World Economic Growth to 2.9%

OPEC Increases its Forecast for World Economic Growth to 2.9%

OPEC increased its prediction for the growth of the world economy in 2024 from 2.8 percent to 2.9 percent.

The organization stated in its monthly report that the first half of the year saw strong growth momentum in the major economies, and that this trend is expected to continue in the months ahead.

The oil producers’ alliance has projected an economy marginally higher than the World Bank’s most recent estimate.

The international banking organization predicted in June that growth in the world economy will remain stable at 2.6% in 2024.

OPEC also noted in its most recent analysis that, as of last month, the global economy will still be expanding at a stable rate of 2.9 percent in 2025.

The analysis also stated that, in 2024 and 2025, respectively, the global oil consumption will increase by 2.25 million barrels per day and 1.85 million bpd, which is a continuation of the prediction made last month.

The Middle East, India, China, and Latin America are the main markets expected to propel this increase in oil demand, according to the report.

“OPEC projects that global oil demand will amount to 104.5 million barrels per day by 2024, driven by robust demand for air travel and healthy road mobility, which includes trucking.”

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