OPEC Keeps 2024 Global Oil-Demand Growth Forecast at 2.2 M B/D; Keeps 2025 Global Oil-Demand Growth Forecast at 1.8M B/D
Portfolio Pulse from Charles Gross
OPEC has maintained its global oil-demand growth forecasts, projecting a growth of 2.2 million barrels per day (B/D) for 2024 and 1.8 million B/D for 2025, according to the Wall Street Journal.

February 13, 2024 | 12:54 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may experience fluctuations in its value based on OPEC's steady oil-demand growth forecasts for 2024 and 2025.
Given that USO tracks the daily price movements of West Texas Intermediate light, sweet crude oil, OPEC's forecasts on oil-demand growth directly influence market perceptions and, consequently, the fund's performance. The maintenance of growth forecasts suggests a stable demand outlook, potentially leading to positive sentiment among investors regarding oil prices and, by extension, USO's value.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80