Saudi Aramco's CEO has predicted that global oil demand will increase by 1.6 to 2 million bpd in the second half of the year, defying recent market pessimism.
Global oil demand is expected to rise by between 1.6 million and 2 million barrels per day bpd in the second half of the year, Saudi Aramco ’s chief executive Amin Nasser said on Tuesday, noting that the past week’s selloff in oil doesn’t reflect fundamentals. Aramco sees total global oil demand at 104.7 million bpd for the full-year 2024, the top executive of the world’s largest oil company said on the second-quarter earnings call.
The agency’s forecasts continue to diverge from OPEC’s estimates by a mile, or by more than 1 million bpd, to be precise. In its July report, OPEC kept its global oil demand growth forecast for 2024 at 2.2 million bpd. Both forecasters are set to announce next week potential upgrades or downgrades to their respective demand forecasts in the monthly reports for August, which will come after a few turbulent weeks on the markets.
Oil Demand OPEC IEA Oil Prices Recession China Global Economy Energy Supply
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