10/2/2023, 9:41 AM (Source: TeleTrader)
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OPEC optimistic about demand, its head says

Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham al-Ghais (pictured) expressed on Monday the group's optimism about the global oil demand and warned about potential negative consequences of not investing in it.

"We see calls to stop investing in oil. We believe this is counterproductive," al-Ghais said in a speech at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). "The cornerstone of global economic prosperity is energy security."

In its latest report released in September, the OPEC projected the global oil demand growth in 2023 and 2024 will stand at 2.4 million barrels per day (bpd) and 2.2 million bpd year-on-year, the same as it forecast the month before.

Baha Breaking News (BBN) / JR