Weekend comments at an energy conference in Cairo from Haitham Al Ghais, the Organization of Petroleum Exporting Countries (OPEC)s secretary general.

  • Opec expects global oil demand to exceed pre-pandemic levels in 2023
  • sees demand rising to 110mn bbls/day by 2025
  • Citing the improving economic outlook in China as it reopens
  • “OPEC remains committed to supporting oil market stability”

Also:

  • said the oil industry had been “plagued by several years of chronic underinvestment.”
  • oil industry needs US$500 bn of investment annually until 2045

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Bullish oil comments from this guy ahead of oil markets opening for the new week.

al ghais opec