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OPEC Sees Robust Demand for 2024: Secretary General

OIL

OPEC still sees robust oil demand in 2024 despite economic headwinds, Secretary General Haitham Al-Ghais said Nov. 7 at the Argus European Crude Conference, ArgusMedia reported.

  • "We still see a healthy global economy, growing despite all the challenges, inflationary pressures and actions taken by central bankers all over the world to tame inflation," Al-Ghais said.
  • Al-Ghais restated OPEC’s forecast of 2.4m b/d oil demand growth in 2023 and 2.2m b/d in 2024, higher than the IEA’s outlook of an 880k b/d rise in 2024.
  • Al-Ghais noted the weaker demand picture from China and more sluggish than normal growth for the country but stressed that China’s growth continues to remain high compared to developed economies at around 4-5%.
  • Despite weak demand from China, Al-Ghais warned against over-focusing on Chinese demand, pointing to other demand centres in the APAC region such as India, where the outlook was more robust, Argus said.

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