Demand for oil to continue recovery albeit at slower pace, Opec sec-gen says

Demand for oil to continue recovery albeit at slower pace, Opec sec-gen says

Opec expects to see increased demand for oil compared to the period of the Covid-19 pandemic in 2020 and 2021.— Reuters pic

Wednesday, 03 Aug 2022 6:02 PM MYT

DUBAI, Aug 3 — Demand for oil is expected to continue its recovery, albeit at a slower pace than earlier this year and last year, the secretary general of the Organisation of Petroleum Exporting Countries told Algerian state television ahead of today’s Opec+ meeting.

“We are still seeing increased demand for oil… compared to the period of the Covid-19 pandemic in 2020 and 2021.

There is post-pandemic recovery, and we are still seeing that but there is a relative decrease in its pace,” Haitham al-Ghais told the Algerian news channel in remarks aired late yesterday and posted on social media today. — Reuters