Global oil consumption to continue growing in 2024-2025, OPEC estimates

The Organization of the Petroleum Exporting Countries (OPEC) OPEC is counting on continued growth in global oil consumption in 2024 and 2025, according to its latest monthly report published on Tuesday, September 10. The world will consume an average of 104.2 million barrels per day (mb/d) in 2024 compared to 102.2 mb/d in 2023, specifies OPEC, which revises its forecasts each month according to the economic situation.

For 2025, the cartel of oil exporting countries is counting on global consumption of 105.9 million barrels per day. In its previous forecast, OPEC estimated consumption of 104.3 million barrels per day in 2024 and 106.1 million barrels per day in 2025.

This growth is almost exclusively driven by non-OECD countries, led by China and India, with more than 1.8 mb/d additional over the year, while OECD member countries will only account for 0.1 mb/d of this growth, mainly due to the United States.