OPEC Maintains Strong Oil Demand Outlook Amid Global Economic Growth

Despite predictions of peak oil consumption, OPEC's latest reports and statements highlight robust demand driven by countries like China and India, alongside positive economic growth forecasts.

• OPEC Secretary General Haitham Al Ghais emphasizes that peak oil consumption is 'far off', with strong demand continuing, especially from China and India.
• OPEC's forecast for global oil demand growth remains unchanged, expecting rises of 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025.
• Despite OPEC's production cuts, increased output from non-OPEC countries like the US, Guyana, Brazil, and Canada has kept the market supplied, impacting global oil prices.
• The International Energy Agency and other organizations predict a peak in oil demand within the decade, contrasting OPEC's more optimistic outlook.
• OPEC raises its economic growth forecasts for 2024 and 2025, indicating a positive trend and potential for further upside in global economies.

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