OPEC Secretary-General Haitham Al-Ghais underlined the group’s unwavering commitment to stabilizing the global oil market, calling the group’s “proactive, pre-emptive and cautious ” pointed out the approach.
Speaking with Anadolu on the sidelines of the 2025 Libya Energy and Economic Summit (LEES) in Tripoli, Algais said global oil demand will increase by 1.4 million barrels per day in 2025, adding that the group’s The monthly report stated that a similar outlook is expected in 2026. Oil report for early January.
“This is our first forecast for next year’s demand growth. Of course, this is a year-on-year increase. Our production strategy always takes into account demand growth forecasts,” he said. He pointed out that it was based on economic growth projections.
OPEC is expected to see robust global economic growth of over 3% in 2025, driven primarily by non-OECD developing countries, particularly India, China, and the rest of Asia.
Mr. Algais highlighted China’s economic resilience, noting that the country achieved 5% GDP growth in 2024.
– Decisions are based on a review of the global economy
The Secretary-General said OPEC’s main objective remains to ensure stability in the oil market.
“We’ve been proactive, taking into account supply and demand. We’ve also been very pre-emptive and always acted very proactively,” he said.
He stressed that the Group’s decisions are based on a comprehensive consideration of the global economic situation.
“We look at everything. We look at the state of the global economy. We look at the factors that influence demand growth. We look at supply in countries that are not members of OPEC or that are not members of the Declaration of Cooperation. And we look at the big picture and continue to be proactive and vigilant,” he said.
He said OPEC’s Joint Ministerial Monitoring Committee, which meets bimonthly, plays a vital role in assessing market trends.
“The committee always carefully considers all these projections, all projections, before making any recommendations for action,” Algais explained.
The Secretary-General reiterated OPEC’s commitment to maintaining balanced markets, adding:
“Our approach continues to be proactive, pre-emptive and preventive, always paying attention to all fundamental factors influencing the market to ensure it remains in balance.”
Written by Sibel Moreau and Fildev Yuksel, Tripoli, Libya
anadolu agency
energy@aa.com.tr
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