Haitham Al-Ghais, Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), said that the oil markets report for January 2024 expected that the growth in global oil demand for this year would reach more than two million barrels per day, divided into about 300 thousand barrels per day in the OECD countries and about one million barrels per day. barrels per day in other countries.
He pointed out, according to the Emirates News Agency, WAM, that the total global demand for oil will reach a rate of 104 million barrels per day this year, as a result of the improvement in the conditions of the aviation and land transport sectors, in addition to the recovery of various activities in the agricultural, construction and manufacturing sectors in countries that do not… It belongs to the Organization for Economic Cooperation and Development.
He added that initial estimates for 2025 indicate that the expected growth of global oil demand will be about 1.8 million barrels per day.
Growth in OECD countries was estimated at about 100 thousand barrels per day and about 1.7 million barrels per day outside them. Regarding the COP28 declaration regarding the gradual transformation in the energy sector.
He noted that OPEC is currently conducting consultations with several countries that have a desire to join the “Joint Cooperation Charter,” which the Republic of Brazil recently joined, in order to support constructive collective efforts in this regard, and the names of these countries will be announced after the end of the consultations, which are still ongoing. .
He said that the “Joint Cooperation Charter,” or what is known as the “Charter of Cooperation,” aims to facilitate the dialogue process between the countries participating in it and the oil-producing and consuming countries in order to enhance the stability of their markets and cooperation in several areas, including technology, in the interest of all parties to the oil industry.
He stressed that all participating countries are fully committed to the agreement, especially with regard to voluntary reductions. In addition, some of the countries participating in the agreement – namely the Kingdom of Saudi Arabia, the Russian Federation, Iraq, the Emirates, the State of Kuwait, Kazakhstan, Algeria and the Sultanate of Oman – have made additional voluntary reductions in production effective until the end of the month. March this year to provide more support to global oil markets for their stability.
