OPEC forecasts an increase in oil demand of 2.2 million barrels per day.

In its latest report, published on 12 March, OPEC forecasts an increase in world oil demand of 2.2 million barrels per day in 2024. For 2025, the organisation forecasts an increase in oil demand of 1.8 million barrels per day.
On the supply side, OPEC anticipates an increase in non-OPEC oil supply of 1.1 million barrels per day by 2024, with increased production in the United States, Canada, Brazil and Norway. By contrast, production in Russia and Mexico is expected to fall in 2024.