WORLD: Oil demand won’t peak anytime soon
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The Organization of the Petroleum Exporting Countries (OPEC) has a very optimistic view on global oil demand, both in the short term and in the long term, the Secretary General of the Organization, Haitham Al Ghais, said on Monday at a conference organized in Abu Dubai, reports Reuters.
“There are some challenges, but the overall picture is not as negative as some claim,” Haitham Al Ghais said, adding that the so-called peak in oil demand will not happen as long as the world economy continues to grow.
Ghais also said that OPEC also has an optimistic view on the world economy, noting in particular the economic growth in the US and China, adding that a 5% advance is very good for a country the size of China, even if in previous years the Chinese economy has registered growth of up to 10% per year.
Also, Ghais reiterated that oil demand will not reach the so-called peak level anytime soon.
“This reminds me of the peak supply discussions many years ago. This peak in supply has never happened and neither will peak in demand as long as the world continues to grow,” Haitham Al Ghais said.
OPEC expects oil demand to rise for longer than forecast by bodies such as the International Energy Agency, which expects oil use to peak this decade.
OPEC and its allies, a group known collectively as OPEC+, have reduced oil supply to support market prices.
Ghais made the remarks a day after OPEC announced it had decided to delay by a month an oil production increase that was planned to take place in December, citing downward pressure on the market. oil company, pressures stemming from weak demand and increased supply of oil from outside the group.
