OPEC’s Al Ghais: Global oil demand to exceed pre-pandemic levels in 2023

Haitham Al Ghais, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said over the weekend at an energy conference in Cairo that the cartel “expects global oil demand to exceed pre-pandemic levels in 2023.”

Additional comments

“See demand rising to 110mn bbls/day by 2025, citing the improving economic outlook in China as it reopens.”

“OPEC remains committed to supporting oil market stability.”

“The oil industry had been “plagued by several years of chronic underinvestment.”

“Oil industry needs US$500 bn of investment annually until 2045.”

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