https://sputniknews.in/20250714/opec-head-says-plans-to-attend-russian-energy-week-in-october-at-putins-invitation-9442522.html
No Oil Surplus Ahead, Strong Demand to Continue in H2 - OPEC Head
No Oil Surplus Ahead, Strong Demand to Continue in H2 - OPEC Head
Sputnik India
MOSCOW, July 14 (Sputnik) - There is no surplus on the global oil market, demand is seen to be very strong in both the third and fourth quarters, which is what... 14.07.2025, Sputnik India
2025-07-14T14:37+0530
2025-07-14T14:37+0530
2025-07-14T14:41+0530
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IEA and other experts predicted a surplus in the first quarter of this year, they predicted a surplus in the second quarter of last year. And now that reality is coming out, all the numbers show something different — there is no surplus on the market, the OPEC head said.Further Al Ghais said that he plans to attend the Russian Energy Week scheduled for October 15-17 at the invitation from Russian President Vladimir Putin."The President invited me to come back to Moscow for Russia energy week. So I am planning to do that, and our cooperation is really growing from strong to stronger year on year," Al Ghais told reporters on the sidelines of the 9th OPEC International Seminar.The invitation was extended during the meeting between Al Ghais and Putin on the sidelines of the St. Petersburg International Economic Forum on June 20.
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russia, vladimir putin, moscow, opec+, st. petersburg international economic forum (spief), spief 2025
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No Oil Surplus Ahead, Strong Demand to Continue in H2 - OPEC Head
14:37 14.07.2025 (Updated: 14:41 14.07.2025) MOSCOW, July 14 (Sputnik) - There is no surplus on the global oil market, demand is seen to be very strong in both the third and fourth quarters, which is what is driving production growth by eight OPEC+ countries, OPEC Secretary General Haitham Al Ghais said.
IEA and other experts predicted a surplus in the first quarter of this year, they predicted a surplus in the second quarter of last year. And now that reality is coming out, all the numbers show something different — there is no surplus on the market, the OPEC head said.
"We have strong demand projections for this year. Growth of demand will be 1.3 million barrels per day year on year, demand growth dictated by the strong economy. And that means we are seeing, especially in the Q3 very strong demand growth. In Q4 also we are seeing good demand growth, and the balances will be tight. And this is one of the main fundamental factors that is leading for the group of eight countries to bring back barrels to the market, the volume to the market," Al Ghais told reporters on the sidelines of the 9th OPEC International Seminar.
Further Al Ghais said that he plans to attend the Russian Energy Week scheduled for October 15-17 at the invitation from Russian President Vladimir Putin.
"The President invited me to come back to Moscow for Russia energy week. So I am planning to do that, and our cooperation is really growing from strong to stronger year on year," Al Ghais told reporters on the sidelines of the 9th OPEC International Seminar.
The invitation was extended during the meeting between Al Ghais and Putin on the sidelines of the St. Petersburg International Economic Forum on June 20.
