Oil cartel OPEC said it expects strong economic activity in China and air travel to lead to strong growth in global oil demand this year, AFP reports.
Its forecast contrasts with that of the International Energy Agency (IEA), which last month predicted that oil demand growth would halve due to economic pressures.
OPEC estimates that global oil demand will grow by 2.2 million barrels per day in 2024, while the IEA forecasts that demand growth will decline to 1.2 million .
"This reflects the strong economic growth expected this year," OPEC said in its monthly report.
"Continued robust economic activity in China, a recovery in global air transport and expected stable input requirements for the petrochemical industry will be key to oil demand growth in 2024."
In terms of products, demand is driven by transportation fuels.
According to OPEC, gasoline consumption is expected to "exceed" pre-pandemic levels, while jet fuel is forecast to average "slightly below" levels seen in 2019.
At the same time, the IEA sees the lack of a robust global economy, along with stringent fuel efficiency standards and the growth of electric vehicles, limiting oil demand growth.
However, OPEC warned that "inflation rates, monetary tightening measures and sovereign debt levels could weigh on the outlook for global oil demand this year." / BGNES
