OPEC Secretary-General Haitham Al Ghais said that global ** demand will continue to grow strongly this year, and a peak in consumption does not seem to occur.
"We are seeing positive signs of a good adjustment in certain areas of the global economy, especially the United States," OPEC Secretary-General Haitham Al Ghais told a panel at the World Summit in Dubai on Tuesday. I think talking about peak demand might be a bit out of reach. ”
According to several influential figures, demand will reach its maximum in the coming years as countries shift to renewable energy and electric vehicles to avoid damaging climate change. The Paris-based International Energy Agency is expected to peak by the end of the decade. The Organization of the Petroleum Exporting Countries (OPEC) is a notable exception to this view.
"We remain very optimistic about China" and have seen "phenomenal economic growth" in India, Al-Ghais said. He said OPEC** global demand will increase by more than 2 million barrels per day this year, which is a continuation of healthy growth in 2023.
Over the past few years, demand for transportation fuels has surged as the pandemic has emerged**. However, OPEC and its allies have been cutting production further, with London's has remained around $80 a barrel as the growth in consumption has been met elsewhere.
"We are seeing good production in Guyana, Brazil and Canada," Al Ghais said. Production growth in the U.S. may be slowing, but he warned that the sector has proven "resilient, and we continue to see year-over-year surprises in shale production." In this environment, OPEC+ will "continue to be very preemptive and proactive," Al Ghais said. (Compiled by Xiao Chen).
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