Kuala Lumpur, Malaysia – The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to rise to 110 million barrels per day (bpd) by 2045, 23 percent higher than current levels, OPEC Secretary-General Haitham Al Ghais said during the Energy Asia 2023 conference which began Monday in the Malaysian capital, Kuala Lumpur.
The CEO of Saudi oil company (Aramco) Amin Nasser predicted that the fundamentals of the global oil market will remain sound for the rest of this year, underpinned by a healthy demand in developing countries, especially in China and India.
“Despite the recession risks in several OECD countries, the economies of developing countries especially China and India are driving healthy oil demand growth of more than 2 million barrels per day this year,” he said at the conference.
Although China is facing some economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, Nasser noted.
