The Organization of the Petroleum Exporting Countries on Tuesday left its forecast for growth in oil demand this year unchanged from its January outlook at 2.2 million barrels a day, or mbd, bringing total demand to 104.4 mbd. The figure reflects a slight upward adjustment to the U.S. forecast made due to improving expectations for the U.S. economy, which OPEC expects to have a positive impact on oil demand, offsetting a downward revision for European countries in the Organization for Economic Cooperation and Development, a club for wealthy countries. Oil demand is expected to grow 1.8 mbd in 2025. On the supply side, non-OPEC liquids production in 2024 is forecast to grow by 1.2 mbd to average 70.5 mbd, including 50,000 barrels a day processing gains, OPEC said. This reflects a downward revision of around 150,000 barrels a day compared to OPEC’s January assessment.
