The oil cartel Opec – with Saudi Arabia at the helm – expects the global oil consumption to increase during the second half of 2024, up by 2.3 million barrels per day compared to the same period last year and up by 150,000 barrels per day compared to the first half of 2024.
The forecast is based, among other things, on continued growth in China and in developing countries.
Earlier in June, Opec signalled that it is on track to increase production by two million barrels per day, which initially pushed down oil prices. Since then, however, prices have turned upwards since Opec emphasised that the production increase may be delayed or entirely cancelled.
The global market price of crude oil has risen from around 77 dollars per barrel at the beginning of June and is currently hovering around 81.50 dollars per barrel. Since the turn of the year, the price of so-called Brent oil for delivery next month has risen from just over 76 dollars per barrel.
