SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Opec expects increased demand for oil

» Updated: 16 July 2024, 15:07

» Published: 11 June 2024

Opec expects increased demand for oil
Photo: Lisa Leutner AP/TT

The oil cartel Opec – with Saudi Arabia at the helm – expects the global oil consumption to increase during the second half of 2024, up by 2.3 million barrels per day compared to the same period last year and up by 150,000 barrels per day compared to the first half of 2024.

The forecast is based, among other things, on continued growth in China and in developing countries.

Earlier in June, Opec signalled that it is on track to increase production by two million barrels per day, which initially pushed down oil prices. Since then, however, prices have turned upwards since Opec emphasised that the production increase may be delayed or entirely cancelled.

The global market price of crude oil has risen from around 77 dollars per barrel at the beginning of June and is currently hovering around 81.50 dollars per barrel. Since the turn of the year, the price of so-called Brent oil for delivery next month has risen from just over 76 dollars per barrel.

TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Nvidia CEO: Don't Close the Borders
1 MIN READ

Nvidia CEO: Don't Close the Borders

Pilot Strike – Finnair Cancels 300 Flights
1 MIN READ

Pilot Strike – Finnair Cancels 300 Flights

Billion-dollar amounts at stake in Northvolt's crisis
2 MIN READ

Billion-dollar amounts at stake in Northvolt's crisis

German industry leader warns of new energy crisis
1 MIN READ

German industry leader warns of new energy crisis

The new ISK tax is decided
3 MIN READ

The new ISK tax is decided

Amazon doubles investment in AI company
1 MIN READ

Amazon doubles investment in AI company

Trump nominates billionaire to finance minister
3 MIN READ

Trump nominates billionaire to finance minister

Cheerful on Wall Street – bitcoin nears dream limit
2 MIN READ

Cheerful on Wall Street – bitcoin nears dream limit

Northvolt to Apply for Swedish Reconstruction as Well
2 MIN READ

Northvolt to Apply for Swedish Reconstruction as Well

Billion Fines for Unreasonable Fees on Air Travel
1 MIN READ

Billion Fines for Unreasonable Fees on Air Travel

Bosch reduces workforce by 5,500
1 MIN READ

Bosch reduces workforce by 5,500

Northvolt's CEO sold shares for hundreds of millions
1 MIN READ

Northvolt's CEO sold shares for hundreds of millions

Clothing Chain Rises on the Stock Exchange After Sales Forecast
1 MIN READ

Clothing Chain Rises on the Stock Exchange After Sales Forecast

Seven disputed taxes that can save the planet
3 MIN READ

Seven disputed taxes that can save the planet

Visa facilitation to boost China's tourism
1 MIN READ

Visa facilitation to boost China's tourism

The Stockholm Stock Exchange closed the week on a bright note
2 MIN READ

The Stockholm Stock Exchange closed the week on a bright note

Japanese households receive part of billion package
1 MIN READ

Japanese households receive part of billion package

Airline Launches Thailand Route from Arlanda
1 MIN READ

Airline Launches Thailand Route from Arlanda

Slight increase in apartment building
1 MIN READ

Slight increase in apartment building

Northvolt's CEO is leaving: Should have slammed on the brakes
3 MIN READ

Northvolt's CEO is leaving: Should have slammed on the brakes