Oil Demand to Rise by 2.2 Million Barrels per Day in 2024, Says OPEC Secretary-General

The demand for oil is expected to increase by 2.2 million barrels per day (b/d) in 2024 and will continue to grow steadily thereafter, stated OPEC Secretary-General Haitham al-Ghais during his speech at the St. Petersburg International Economic Forum (SPIEF).

“In terms of this year, we expect the demand for oil to rise by 2.2 million b/d. Typically, the first quarter is always the worst quarter of the year when demand is at its lowest,” he remarked, adding that he anticipates a stable and high demand for oil globally in the future.

The OPEC Chief pointed out that the organization’s forecast for 2023 oil demand was particularly accurate, while “those who criticized had to adjust their forecasts almost every month until their predictions finally aligned.”

The St. Petersburg International Economic Forum commenced on June 5 and will continue until June 8. The theme is “The Foundation of a Multipolar World is the Formation of New Growth Points.” Meetings of small and medium enterprises and creative business leaders, as well as SPIEF Youth Day, and conferences on “Pharmaceutical Safety,” “SPIEF Academy,” and “SPIEF Junior” are scheduled during the forum.