Overview

• OPEC Secretary General Haitham Al Ghais emphasizes that peak oil consumption is 'far off', with strong demand continuing, especially from China and India.
• OPEC's forecast for global oil demand growth remains unchanged, expecting rises of 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025.
• Despite OPEC's production cuts, increased output from non-OPEC countries like the US, Guyana, Brazil, and Canada has kept the market supplied, impacting global oil prices.
• The International Energy Agency and other organizations predict a peak in oil demand within the decade, contrasting OPEC's more optimistic outlook.
• OPEC raises its economic growth forecasts for 2024 and 2025, indicating a positive trend and potential for further upside in global economies.