OPEC chief rejects claims of near-term peak in oil demand

No peak in global oil demand is expected in the near future, OPEC Secretary General Haitham Al Ghais said.

Speaking at the St. Petersburg International Economic Forum (SPIEF), Al Ghais said the organization does not foresee oil demand reaching a peak in the coming years, countering forecasts that suggest otherwise, Caliber.Az reports, citing Russian media.

“Let me boldly say that we do not see a peak in oil demand, as some are predicting or have predicted, if I may correct that. Because even the forecasts that were made a few years ago are now gradually ‘disappearing,’” he said.

Al Ghais added that oil is expected to remain a central component of the global energy mix well beyond 2050, underscoring OPEC’s view of continued long-term demand for hydrocarbons despite the global energy transition.

By Vafa Guliyeva