According to OPEC’s new Secretary-General, the recent dip in oil prices reflects worries of an economic downturn and obscures underlying market fundamentals, although presenting a rather optimistic assessment of the market prognosis for 2023, as the world grapples with growing inflation.
Haitham Al-Ghais, who took office on August 1, indicated that physical demand for oil is robust and that concerns about the Chinese economy slowing are exaggerated, adding that demand will be sustained by increased use of jet fuel.
The OPEC Secretary General is optimistic about oil consumption in 2023.
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