For 2024, three OPEC sources said that while demand growth was likely to show a slowdown, it would not be as severe as the IEA predicts, and growth will likely be above 1 million bpd and below 2 million bpd. A fourth source close to OPEC said demand will likely rise by at least 1.5 million bpd.
OPEC is expected to publish its first demand forecast for 2024 in its monthly report on July 13. OPEC did not immediately respond on Thursday to an emailed request for comment.Top officials from OPEC countries at a conference this week such as CEO of state-owned oil producer, Saudi Aramco, Amin Nasser, expressed optimism over the oil demand outlook despite economic headwinds weighing on prices.
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