popular articles

OPEC relies on China to support oil demand

OPEC forecasts a persistent increase in global oil demand in the second half of 2023 and into 2024, supported in particular by a continued rebound in the Chinese economy. The cartel estimates that demand will increase by 2.2 million barrels per day in 2024, with strong growth expected in non-OECD countries, particularly China, the Middle East and other Asian countries.
OPEP

Please share:

The Organization of the Petroleum Exporting Countries (OPEC) is counting on a persistent rebound in the Chinese economy to support oil demand growth in the second half of 2023 and into 2024, according to the cartel’s latest monthly report published on Thursday.

Global oil demand is set to rise in 2024, according to OPEC and the IEA.

“For 2024, global oil demand is expected to increase by 2.2 million barrels per day (mb/d) to around 104.25 mb/d”, according to an initial assessment by OPEC, which revises its forecasts every month.

Non-OECD countries are “expected to drive growth”, to the tune of almost 2.0 mb/d, according to the cartel, which points primarily to China, the Middle East and other Asian countries for the bulk of this growth, also supported by India, Latin America and Africa. For 2023, OPEC is maintaining its growth forecast, revised very slightly upwards to 2.4 mb/d compared with 2022, for global demand of 102 mb/d, compared with 101.9 mb/d estimated last month.

Here again, OPEC points to “the strongest demand in China in the second quarter of 2023”. “Key countries” in oil consumption, including China and India, as well as other developing economies in Asia, will continue to experience strong growth “and will be responsible for almost half of global economic growth next year”, OPEC estimates, subject to a further decline in inflation.

For its part, the International Energy Agency (IEA) estimates that world oil demand should reach 102.1 mb/d in 2023, a record despite a downward revision of the forecast due to the global economic slowdown. On the supply side, OPEC forecasts an increase of 1.4 mb/d in 2024.

OPEC+ countries (Organization of the Petroleum Exporting Countries and their allies) recently announced production cuts to support prices. In June, production by OPEC members held steady, rising very slightly by 91,000 b/d to 28.19 mb/d, according to indirect sources cited in the report.

Register free of charge for uninterrupted access.

Publicite

Recently published in

The global oil industry anticipates a significant decline in exploration and production investments from 2025, amid persistent oversupply, exacerbated by increased U.S. tariffs and recent decisions by OPEC+.
The global oil industry prepares for further disruptions as oil prices fall below USD 60 per barrel, a level unseen since 2021. The decline in investments, particularly in the US shale sector, raises concerns.
The global oil industry prepares for further disruptions as oil prices fall below USD 60 per barrel, a level unseen since 2021. The decline in investments, particularly in the US shale sector, raises concerns.
US crude inventories increased by 200,000 barrels last week, far below analysts' forecasts. However, oil prices remain under pressure following the announcement of a potential rise in production by OPEC+.
US crude inventories increased by 200,000 barrels last week, far below analysts' forecasts. However, oil prices remain under pressure following the announcement of a potential rise in production by OPEC+.
Thousands of miners blocked the streets of La Paz on April 23, 2025, to protest the shortage of dollars and fuel, which is particularly affecting Bolivia's mining sector.
Thousands of miners blocked the streets of La Paz on April 23, 2025, to protest the shortage of dollars and fuel, which is particularly affecting Bolivia's mining sector.
OPEC Secretary General Haitham Al Ghais emphasizes the need to reconcile energy security with emission reduction goals, in light of the International Energy Agency's (IEA) approach.
The DBM-1 ST2 appraisal well confirms a significant oil discovery offshore Gabon. The Bourdon project could add up to 25 million recoverable barrels to BW Energy's reserves, further strengthening the Dussafu licence development.
The DBM-1 ST2 appraisal well confirms a significant oil discovery offshore Gabon. The Bourdon project could add up to 25 million recoverable barrels to BW Energy's reserves, further strengthening the Dussafu licence development.
Woodside Energy recorded stable production and revenues of 3,315 million USD in Q1 2025, with a notable increase in production at Sangomar, but a slight decline due to weather impacts at other sites.
Woodside Energy recorded stable production and revenues of 3,315 million USD in Q1 2025, with a notable increase in production at Sangomar, but a slight decline due to weather impacts at other sites.
Canadian company TAG Oil has completed the sale of its interests in five production permits in New Zealand to Kiwi Royalty Limited, for a total consideration of up to USD 2.5 mn.
Canadian company TAG Oil has completed the sale of its interests in five production permits in New Zealand to Kiwi Royalty Limited, for a total consideration of up to USD 2.5 mn.
The Egyptian government is launching a 75-well drilling campaign in the Eastern Desert, aiming for a 9% increase in crude output in fiscal year 2024/2025.
Reconnaissance Energy Africa has signed a memorandum of understanding with ANPG to explore 5.2 mn onshore acres in Angola, expanding its operations into the Damara Fold Belt and Rift Basin.
Reconnaissance Energy Africa has signed a memorandum of understanding with ANPG to explore 5.2 mn onshore acres in Angola, expanding its operations into the Damara Fold Belt and Rift Basin.
The IMF forecasts robust economic growth for Libya in 2025 driven by oil, but warns that structural reforms are essential to avoid renewed vulnerability to global market shocks.
The IMF forecasts robust economic growth for Libya in 2025 driven by oil, but warns that structural reforms are essential to avoid renewed vulnerability to global market shocks.
The United States has sanctioned Shandong Shengxing Chemical Co., accused of purchasing Iranian oil. This move is part of the "maximum pressure" strategy against Iran, aimed at limiting its oil exports.
The United States has sanctioned Shandong Shengxing Chemical Co., accused of purchasing Iranian oil. This move is part of the "maximum pressure" strategy against Iran, aimed at limiting its oil exports.
Rönesans Holding announces a major $2 billion investment to build a polypropylene (PP) production plant in Ceyhan, Turkey, in partnership with SONATRACH and Stolt-Nielsen. This project is expected to strengthen the country’s industrial self-sufficiency.
Libya begins an international promotional tour to present 22 oil blocks, aiming to revive a strategic sector affected by years of instability.
Libya begins an international promotional tour to present 22 oil blocks, aiming to revive a strategic sector affected by years of instability.
Tullow Oil sold its stakes in the Lokichar Basin to Gulf Energy while retaining a future entry right, marking a new step in its debt reduction strategy in Kenya.
Tullow Oil sold its stakes in the Lokichar Basin to Gulf Energy while retaining a future entry right, marking a new step in its debt reduction strategy in Kenya.
US crude reserves rose by only 500,000 barrels, falling short of forecasts, while exports reached their highest level in a year.
US crude reserves rose by only 500,000 barrels, falling short of forecasts, while exports reached their highest level in a year.
Amplify Energy has amended the terms of its merger with Juniper Capital, which will inject an additional $10 mn in cash to strengthen the combined entity's financial position amid oil price volatility.
The International Energy Agency anticipates weaker oil demand growth in 2025, driven by US tariff tensions disrupting market stability and weighing on the shale oil sector.
The International Energy Agency anticipates weaker oil demand growth in 2025, driven by US tariff tensions disrupting market stability and weighing on the shale oil sector.
British group BP has announced a new oil discovery in the deep waters of the Gulf of Mexico, strengthening its investment strategy in hydrocarbons with the aim of increasing production by 2030.
British group BP has announced a new oil discovery in the deep waters of the Gulf of Mexico, strengthening its investment strategy in hydrocarbons with the aim of increasing production by 2030.
International Petroleum Corporation repurchased 277,060 common shares between 7 and 11 April under its ongoing share buyback programme, using the Toronto and Stockholm exchanges.
International Petroleum Corporation repurchased 277,060 common shares between 7 and 11 April under its ongoing share buyback programme, using the Toronto and Stockholm exchanges.
In Schwedt, past dependence on Russian oil threatens industrial prospects as the debate on lifting sanctions intensifies and divides Germany’s political class.
Petro-Victory Energy secures key assets in Brazil through strategic alliances and acquisitions, consolidating its onshore market position and initiating a new phase of development.
Petro-Victory Energy secures key assets in Brazil through strategic alliances and acquisitions, consolidating its onshore market position and initiating a new phase of development.
Trio Petroleum Corporation has completed the acquisition of producing oil assets from Novacor Exploration in the prolific Lloydminster region of Canada, consolidating its strategic presence in North America's heavy oil sector.
Trio Petroleum Corporation has completed the acquisition of producing oil assets from Novacor Exploration in the prolific Lloydminster region of Canada, consolidating its strategic presence in North America's heavy oil sector.
Road fuel volumes declined while jet fuel and non-road diesel increased, according to March 2025 data from the Comité Professionnel du Pétrole.
Road fuel volumes declined while jet fuel and non-road diesel increased, according to March 2025 data from the Comité Professionnel du Pétrole.

Advertising