2023-07-11 16:59:41
On Tuesday, the US Energy Information Administration raised its forecast for global oil demand growth in 2023, by 170,000 barrels per day, to 1.76 million barrels per day.
The administration also lowered its estimate for oil demand growth for 2024 by 60,000 bpd, to 1.64 million bpd.
The Organization of the Petroleum Exporting Countries (OPEC) has kept its expectations for the growth of global demand for oil during the current year, unchanged, to remain at 2.35 million barrels per day, for the fourth month in a row.
OPEC also kept its forecast for growth in supply from outside it in 2023 at 1.4 million barrels per day, according to its monthly report.
OPEC said its oil production fell by 464,000 barrels per day in May to 28.06 million barrels per day, with the introduction of voluntary cuts pledged by Saudi Arabia and other members of the organization.
In turn, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said on Tuesday that global energy demand is expected to rise by 23 percent until 2045.
He added, “The global demand for energy is expected to increase by a significant rate of 23 percent in the period until 2045, which means that we will need all forms of energy.”
“We will need innovative solutions such as carbon capture and storage, hydrogen projects, as well as the circular carbon economy, which received positive support from the G20,” he said.
He added that the global oil sector needs to invest $12.1 trillion during the same period, but it is not yet on its way to reach that level of investments.
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