Opec is predicting high global demand in 2024 despite oil prices hovering at $90 per barrel.

The oil producer group said in its latest monthly report that it expects demand to increase by 2.25m barrels per day this year and by a further 1.85m bpd in 2025.

The predictions are unchanged from last month but are significantly different from forecasts by the International Energy Agency (IEA), which represents major consumers from industrialised nations.