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OPEC Leaves Forecast for 2024 Oil-Demand Growth Unchanged

A model of an oil rig in front of the OPEC logo. (Reuters)
A model of an oil rig in front of the OPEC logo. (Reuters)
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OPEC Leaves Forecast for 2024 Oil-Demand Growth Unchanged

A model of an oil rig in front of the OPEC logo. (Reuters)
A model of an oil rig in front of the OPEC logo. (Reuters)

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and said 2025 will see a robust increase in oil use, led by China and the Middle East.
OPEC, in a monthly report, said world oil demand will rise by 1.85 million barrels per day in 2025. For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from last month.
In 2025, OPEC anticipates an increase in global economic growth to 2.8% from 2.6% this year in part because of interest rate cuts.
OPEC estimated the call on its crude at 28.5 million b/d for 2024 and 29 million b/d for 2025.
The report noted OPEC oil production rose slightly in December to 26.70 million bpd in comparison to 26.63 million bpd in the past month, according to secondary sources.
In terms of oil supply, the organization expected non-OPEC production to rise by 1.3 million bpd in both 2024 and 2025 to 70.4 million bpd and 71.7 million bpd, respectively.
At the same time, in 2023, oil production by countries outside of OPEC is estimated to have increased by 2.1 million barrels per day compared to the previous year, to 69.1 million barrels per day.
It forecast non-OPEC upstream investment to slightly drop to $473 billion in 2025 in comparison to 2024.

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Oman’s Commerce Minister: Omani-Saudi Trade, Economic Ties Witness Significant Growth

General view of Riyadh. SPA
General view of Riyadh. SPA
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Oman’s Commerce Minister: Omani-Saudi Trade, Economic Ties Witness Significant Growth

General view of Riyadh. SPA
General view of Riyadh. SPA

Omani Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammad Al-Yousef has said that trade and economic relations between Oman and Saudi Arabia are experiencing significant growth, reflecting the strength of the fraternal and historical ties between the two countries.

During a news conference organized by the Omani Ministry of Information under the theme "Oman and the World," Al-Yousef explained on Thursday that joint projects reflect the efforts made to enhance economic cooperation between the two nations, particularly in areas that support trade exchange, regional economic development and expanding cooperation in fields such as energy, industry, technology, and tourism.

He highlighted Saudi Arabia’s efforts in opening the land route linking the Kingdom to Oman, which represents a qualitative leap in enhancing bilateral trade movement. It has facilitated the mobility of both companies and citizens and boosted tourism and public communication, alongside supporting both nations’ efforts to achieve economic integration through building advanced infrastructure, he said.

"Saudi-Omani relations are strong and prosperous, witnessing growth in all areas. We are confident that the continued cooperation between us will yield strategic gains that serve the interests of both countries in the commercial, industrial, or tourism sectors,” the minister said.

He also pointed out that Saudi Arabia has made significant strides in developing the industrial sector and modernizing the logistical infrastructure, which opens new horizons for joint cooperation, especially in areas related to industrial integration and investment in major projects.

He highlighted the recent visit by Saudi Minister of Commerce Majid Al-Kassabi to Oman, where he discussed several initiatives that both sides aim to implement in the near future, as well as opportunities to launch joint projects between the private sectors of both countries, particularly in industrial fields.

Al-Yousef stressed the Saudi-Omani relationship serves as a model for Arab economic cooperation, and that the future holds many opportunities to strengthen this cooperation at all levels.