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ABU DHABI, UAE - The Organization of Petroleum Exporting Countries is very positive on demand for oil in both the short and long term, Secretary General Haitham Al Ghais said at an energy industry event in Abu Dhabi on Monday."There are some challenges, but the picture is not as negative as some make it sound," he said, adding that so-called peak demand would not happen while the global economy continues to grow.
He also reiterated his view that demand will not peak any time soon."It reminds me of all the talk on peak supply many years ago. Peak supply never happened and peak demand won't happen as the world keeps growing," he said.OPEC expects demand to keep growing for a longer period than forecast by the likes of the International Energy Agency, which expects oil use to peak this decade.OPEC and its allies, known collectively as OPEC+, have been cutting supply to support the market.
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