Sticks to 2024 oil demand growth forecast of 2.25 mbpd
OPEC January output falls 350,000 bpd after new OPEC cuts
OPEC secgen believes longterm demand outlook is robust
IEA to publish updated forecasts on Thursday

LONDON, Feb 13 Reuters OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025 and raised its economic growth forecasts for both years saying there was further upside potential.

The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 2.25 million barrels per day bpd in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month.

A further boost to economic growth could give additional tailwind to oil demand. OPEC39;s 2024 demand growth forecast is already higher than that of other forecasters such as the International Energy Agency, although the wider OPEC alliance is still cutting output to support the market.

OPEC said a positive trend for economic growth was expected to extend into the first half of 2024 and raised its economic growth forecasts for 2024 and 2025 by 0.1 percentage points.

Global economic growth remains robust, OPEC said in the report. Further upside potential could materialise in all major OECD and nonOECD economies.

Oil prices have found support in 2024 from conflict in the Middle East and supply outages, although concerns about continued high interest rates have weighed. Brent crude on Tuesday was trading…