Riyadh, Saudi Arabia – Saudi Aramco’s President and CEO, Amin Nasser, anticipates a surge in global oil demand, projecting an increase of 1.5 million barrels per day (bpd) to reach 104 million bpd in 2024.
“This is after rising by roughly 2.6 million bpd in 2023,” Nasser said. “Higher demand, combined with low stocks, will help to tighten the market further.”
He pointed out that the global oil market is poised for a supply shortage as consumer stockpiles have dwindled by 400 million barrels over the past two years.
“This resulted in leaving spare production capacity of the Organization of the Petroleum Exporting Countries (OPEC) as the main source of additional supplies to meet the growing demand,” he said, reported by Saudi Gazette.
Nasser acknowledged that while global oil markets can manage short-term disruptions in the Red Sea, sustained attacks on ships could lead to a shortage of tankers, resulting in extended voyages and delays in supply.
OPEC attributes the expected growth in global crude oil demand in 2024 to projections of accelerated global gross product growth, particularly fueled by faster-than-anticipated economic expansion in China.
As the world’s largest importer of crude oil, China’s robust economy contributes significantly to the surge in demand, with an average consumption exceeding 10 million bpd. The United States remains the largest consumer, averaging 14.5 million bpd.
