OPEC has upped its oil demand forecast for the medium-to-long term, citing Indian, African and the Middle East.
The forecast was made at the Asia Pacific Petroleum Conference (APPEC).
OPEC+ is likely to implement a planned rise in oil output in October, to balance cuts by some members and the drop in Libya’s oil output.
Electrification should not be seen as oil’s “great rival” according to HE Haitham Al Ghais, OPEC Secretary General.
US lawmakers have introduced a bill to hold energy companies to account, if they are found to have price colluded with OPEC.
OPEC+ delegates do not expect the energy group’s coming monitoring session to make any changes to supply levels for the rest of the year.
OPEC sees strong economic growth for the rest of this year and into 2025, prompting steady demand for its oil over the next few months.
OPEC’s crude output has remained constant, hitting an average of just under 27 million barrels a day in June, 80,000 a day less than May.
The US Senate starts investigation into suspicions of collusion between several oil producers and OPEC over possible price coordination.
Russia has promised to meet its OPEC+ oil production targets in June, after pumping too much oil in May and exceeding the body’s limits.
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We are a niche consulting company providing services to the oil & gas, renewable energy, and decarbonization sectors.
