Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said on Monday that OPEC expects an increase in global oil demand to 110 million barrels per day, and that total energy demand will increase by 23 percent by 2045.
This month, OPEC kept its forecast for global oil demand this year unchanged for the fourth month, but warned that the global economy is facing increasing uncertainty with slowing growth in the second half of the year.
OPEC said in its monthly report that global oil demand will rise by 2.35 million barrels per day, or 2.4 percent, in 2023.
This was almost unchanged from the 2.33 million bpd forecast in May.
The OPEC+ alliance, which includes OPEC, Russia and other allies, is taking more steps to support the oil market in 2023.
On June 4, the coalition announced the second package of production cuts since April, and Saudi Arabia pledged to voluntarily cut one million barrels per day, starting in July. However, crude oil prices remained subject to concerns about slowing economic growth and demand.
