The Organization of the Petroleum Exporting Countries (OPEC) is forecasting a robust summer for oil demand, driven by increased travel and economic growth. This prediction comes amidst a wider-than-usual range of forecasts from various agencies regarding global oil demand growth in 2024.
Oil Demand Forecast
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Oil prices dipped for a second day on Tuesday, but the decline was limited as the global market grapples with the ongoing conflict in Gaza and tight supply concerns. Ceasefire talks remain deadlocked, raising worries about potential disruptions to Middle Eastern oil supplies. However, a projected rise in U.S. crude oil production could offer some relief in the coming months.