OPEC – Monthly Oil Market Report, April 2024

Global oil demand is expected to grow by 2.2 mb/d year-on-year in 2024, with strong demand from non-OECD regions such as China, the Middle East, and Other Asia. In the upcoming summer months, demand for transportation fuels like jet/kerosene, gasoline, and diesel is forecasted to increase. In OECD countries, the US driving season is expected to boost demand for transportation fuels, while economic activity is likely to improve in the second half of the year. Non-OECD countries like China, the Middle East, India, Other Asia, and Latin America are also expected to see healthy growth in oil demand. Refinery intake of crude oil has declined since the start of the year, with runs declining in the US, China, Russia, and Europe due to severe weather and weakening refining margins. However, refinery intakes improved slightly in March. The summer months are expected to see growing demand for gasoline, diesel, and jet fuel, with opportunities for East-to-West product exports. The OPEC member countries in the Declaration of Cooperation (DoC) are prepared to take action to maintain market balance.