OPEC crude outlook remains ‘optimistic’ despite economic developments: Al-Ghais

OPEC’s Secretary General Haitham Al-Ghais said the organization's outlook for the global oil market remains “generally optimistic”, despite recent economic developments.

This came as Al-Ghais chaired the 17th Technical Meeting of OPEC and Non-OPEC Countries Participating in the Charter of Cooperation (CoC), which was held on May 20.

In his opening speech, the official stated that the global economic growth rate is expected to reach 2.6% in 2025, with potential for an acceleration to 3.1% by 2026.

He further indicated that OPEC estimates showed growth in global oil demand of 1.3 million barrels per day (bpd) in 2025 and 2026.

The meeting focused on the short-term outlook for the global oil market, including supply, demand, trade, and the global economy.