GLOBAL OIL DEMAND WILL GROW BY 1.9 MLN BPD IN 2024
Wood Mackenzie predicts that global oil demand will increase by 1.9 million barrels per day (bpd) this year, a forecast that aligns closely with OPEC's estimate for 2024. Alan Gelder, the firm's vice president of oils research, shared this prediction during a briefing at the Energy Institute conference in London. Like many other forecasters, Wood Mackenzie anticipates that the majority of this growth will be driven by China and India.
However, forecasts for oil demand growth in 2024 vary significantly, reflecting differing opinions on the pace of the transition away from fossil fuels. While OPEC foresees continued growth in oil demand over the next two decades, the International Energy Agency (IEA) predicts that demand will peak by 2030. OPEC expects demand growth of 2.25 million bpd for the year, while the IEA forecasts much slower growth at 1.22 million bpd. These differing outlooks reflect broader debates about the future trajectory of global energy consumption and the transition to cleaner sources of energy.
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