OPEC lowers 2024 oil demand growth forecast, sees 32% energy rise by 2030

OPEC Secretary-General Haitham Al Ghais announced on Monday that the organization has reduced its forecast for oil demand growth in 2024 to 400,000 barrels per day, down from an earlier estimate of 1.4 million barrels per day at the start of the year.

Al Ghais explained that this adjustment aligns with developments expected in 2026, noting that postponed oil demand is projected to materialize in 2027, when OPEC anticipates a buildup in demand.

He added that OPEC believes the world will require a 32% increase in energy by 2030, underscoring the importance of preparing for future energy needs.