Prospects for the global oil market look healthy for the second half of the year, OPEC said on Thursday as the producer group stuck to its forecast for robust oil demand in 2024 and nudged up its expectations for global economic growth.
The upbeat view from the Organization of the Petroleum Exporting Countries (OPEC) comes as global oil prices have reached their highest since January. Tight supply has given impetus to the rally and OPEC’s monthly report also showed Saudi Arabia delivered on a voluntary output cut in July.
OPEC said it expects world oil demand to rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023. Both forecasts were unchanged from last month.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.