OPEC Remains Optimistic About Global Economy, China Demand Recovery

OPEC remains cautiously optimistic about the global economy and sees Chinese oil demand recovering by around 500kbpd this year, OPEC Secretary-General Haitham Al-Ghais said to Bloomberg.

• “We have always been very bullish on China, China is a big economic powerhouse that has significant implications for global demand,” he said.
• OPEC sees Chinese oil demand rising by around 500kbpd this year, but the group is waiting to see what happens after China’s new year holiday.
• China’s larger oil import quotas are a good signal, he added.
• OPEC plans to do whatever it takes to keep oil markets stable as the group sees potential for a slowdown in Europe and US, intensifying group’s need to balance growing Asian demand against slowing demand in the West.
• OPEC now has greater spare capacity, he said.