The Nasser explained during his participation in the OPEC symposium today: “Despite commercial problems and customs duties and their influence on the world economy, we are still observing high oil demand, since growth in the first quarter reached 1.5 million barrels per day. Our expectations at the end of the year vary from 1.2 to 1.3 million barrels per day. ”
He added: “We mark high gasoline prices in the United States, in addition to additional demand from China,” noting that these factors support the expectations of the growth of global oil demand.
The OPEC+group, which has been pumping about half of the global oil, has reduced production for several years to support the market, but this year it revoked this path.
OPEC+began reducing production discounts by 2.17 million barrels a day in April last year, increasing by 138 thousand barrels per day, after which it increased monthly by 411 thousand barrels a day in May, June and July since 2025. And last Saturday, the group agreed to an increase of 548 thousand barrels per day during the month of August.
Source: News
