Optimism of the Secretary General of OPEC regarding the state of global oil demand
reported by Haytham Al-Ghis daily During an energy conference in Abu Dhabi on Monday (November 14), he said: global demand for oil is very positive in the short and long term.
He added: There are challenges, but the picture is not as negative as some imagine, and as long as the global economy continues to grow, the so-called peak demand will not occur.
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The Secretary General of OPEC stated that the alliance of producers, members of the Organization of Petroleum Exporting Countries (OPEC) and its allies (OPEC Plus) are optimistic about the global economic situation, while pointing to the improvement of economic growth in the United States and China. He stated: 5% economic growth is still desirable for a vast country like China, even if this figure has reached 10% in the past years.
Al Ghais also emphasized that the global demand for crude oil will not peak anytime soon.
He continued: The discussions about this remind me of the statements of the past years about the peak supply and now we are seeing that the peak of supply never happened and the peak of demand will not happen with the ever-increasing growth of the world.
Unlike the International Energy Agency, OPEC expects demand growth to continue for a longer period, while the agency has predicted that oil consumption will peak this decade.
The members of the OPEC Plus coalition, in order to support the price situation and global crude oil markets, taking into account the group supply reduction plan along with the voluntary supply reduction, a total of 5 million and 860 thousand barrels of production per day They have reduced themselves, which is equivalent to 5.7% of global demand.
