Solid global economic growth is expected to continue amid improvements in China’s economy which will boost oil consumption.

OPEC slightly revised its projection upward for this year’s global oil demand growth from 2.35 million barrels per day to 2.44 million barrels, mainly due to higher demand from China in the second quarter of 2023.

In its monthly oil market report for July, OPEC also predicted that the world economy will grow 2.5% in 2024, saying key oil-consuming countries, including China and India, along with some other developing economies in Asia, will continue their healthy growth levels.