OPEC expects global oil demand to increase by 2.2 million barrels per day this year
Heysem al-Gays, Secretary General of the Organization of Petroleum Exporting Countries (OPEC), said that they expect global oil demand to increase by 2.2 million barrels per day this year.
Gays, St. He made evaluations at the session held within the scope of the St. Petersburg International Economic Forum (SPIEF).
Stating that the world needs all energy resources, Gays said, “Discrimination in this field is unacceptable. Yes, there are a lot of harmful emissions, we must reduce it, but most of the time we see that the oil industry is portrayed badly.” said.
Criticizing that there is too much speculation on the production agreements reached within the OPEC + group, which consists of some non-OPEC producer countries, Gays said, “Whenever we make this or that announcement, the public is not happy. It is difficult to know which story some actors want to hear. However, we still focus on what is important, the fundamentals.” It’s very important for us to stay focused.” he said.
Gays underlined that the fundamentals in question are “economic growth, supply and demand”.
Making evaluations about global oil demand, Gays said, “We expect global oil demand to increase by 2.2 million barrels per day this year. There was an increase of 2.3 million barrels per day in the first quarter of 2024, and the first quarters are generally the periods when demand is lowest.” said.
Gays pointed out that OPEC made the most successful forecast for oil demand for 2023 and said, “Those who criticized our forecasts had to adjust their forecasts almost every month until their forecasts were equal to ours.” made his assessment.