A recovery in world oil demand is underway, with consumption set to rise from its May nadir on seasonal trends and as pent-up demand is released in line with a rebound in product supplies, says an International Energy Agency (IEA) report.
Despite ongoing disruption to oil flows through the Strait of Hormuz and continued uncertainty surrounding the conflict involving Iran, OPEC has maintained its forecast for global oil demand growth, citing no evidence of a slowdown in consumption.
The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to continue expanding this year and the next, supported by resilient economic growth, rising mobility and increased industrial activity across major emerging economies.
Global oil demand is expected to reach around 123 million barrels per day by 2050, with oil maintaining the largest share of the global energy mix at approximately 30 percent, said Opec Secretary-General Haitham Al Ghais.
