(Paris) Oil demand will experience “healthy” growth towards a new record in 2024, estimated OPEC in its monthly report published Wednesday, the day of an agreement at COP28 on the gradual abandonment of fossil fuels.
Next year, the world will consume an average of 104.36 million barrels of oil per day, up from 102.11 in 2023.
“Global oil demand is expected to see a healthy growth of 2.2 million barrels per day, as much as previously estimated,” the Organization of the Petroleum Exporting Countries explains in its report.
The increase in demand is “supported by resilient global GDP growth” against the backdrop of a better economic situation in China, explains OPEC.
Demand in OECD countries is expected to be no higher than in 2019 and grow only slightly year-on-year in 2024 to 46.1 million barrels per day, while demand from non-OECD countries is expected to grow from 2 million barrels to 58.3 million on average.
The report comes as, for the first time, countries around the world on Wednesday at the 28th UN climate conference in Dubai approved a historic compromise paving the way for phasing out warming-causing fossil fuels.
The adopted text calls for “making a transition away from fossil fuels in energy systems, in a fair, orderly and equitable manner, by accelerating action in this crucial decade, in order to achieve carbon neutrality in 2050 in accordance with the recommendations scientists “.
The agreement, which comes eight years after that of Paris on the climate, is adopted at the end of a year 2023 which will be the hottest on record.