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OPEC maintained its oil demand forecasts for 2024 and 2025, but raised expectation for global economic growth this year.
The group predicts oil demand growth of 2.25 million barrels per day (bpd) for this year and 1.85 million bpd for 2025, unchanged from February forecasts.
However, OPEC raised its estimate for global economic growth by 0.1%. "While the US, India, and, to some extent, Brazil showed strong growth in H2 2023, with China and Russia at steady levels towards the end of the year, the Eurozone and Japan experienced a decline," the group said.
It added that production by core OPEC members increased by 203,000 bpd in February from the month before to average 26.57 million bpd.
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