OPEC and IEA Disagree on the Path Ahead for Oil Demand
The International Energy Agency (IEA) and Saudi Arabia, particularly its petroleum minister, Prince Abdulaziz bin Salman, regarding the future of global crude oil demand. Despite the IEA’s assertion that oil demand growth is slowing down, Saudi Arabia remains optimistic, projecting an increase in global oil demand until at least 2045.
Prince Abdulaziz bin Salman refuted the IEA’s claims, attributing recent drops in crude prices to speculators and stating that oil demand is healthy. Saudi Arabia and OPEC+ members continue to bet on rising global demand for fossil fuels, opposing the IEA’s projections of a decline in oil and gas demand growth.
The article also highlights different perspectives on recent events affecting oil prices, including doubts about Middle East supply disruptions and China’s economic data. Despite negative data, the International Monetary Fund (IMF) upgraded China’s economic growth outlook. The article argues that factors such as rising OPEC exports and challenges in the electric vehicle industry contribute to the complexity of the oil market.
In conclusion, the text suggests that while the IEA emphasizes a decline in oil demand, Saudi Arabia and OPEC remain confident in the continued need for fossil fuels, citing various economic and industry factors to support their stance.
