The Organization of the Petroleum Exporting Countries (OPEC) announced on Tuesday that it will uphold its earlier forecasts for global oil demand and economic growth in 2024 and 2025.

In its monthly oil market report for May, OPEC projects a healthy global oil demand growth of 2.2 million barrels per day (bpd) for 2024, followed by a "robust" growth of 1.8 million bpd next year, consistent with last month's assessments.

The report highlights that China is expected to see a significant increase in oil demand, with growth projected at 410,000 bpd in 2025, driven by "steady economic activity and healthy travel activity."

OPEC also maintains its previous predictions for world economic growth, expecting 2.8 percent in 2024 and 2.9 percent in 2025.