Balance on global oil market should even out by next year - OPEC Secretary General

MOSCOW. June 4 (Interfax) - OPEC is reporting a slowdown in global oil demand growth amid the Middle East conflict, though it expects that the market should balance and consumption return to a sustainable growth trajectory as supply recovers, OPEC Secretary General Haitham al-Ghais said.

Haitham al-Ghais recalled that OPEC in May revised its estimates for growth in global demand for oil for the first time in eight months. Namely, the organization lowered its forecast for 2026 by 210,000 barrels per day to 1.17 million bpd, and raised its outlook for 2027 by 200,000 bpd to 1.54 million bpd.

"Although demand is slowing, we have not yet registered a decline. [...] The decline in supply that we are seeing is small. It should recover by 2027, and we expect growth in demand to reach 1.5 million bpd next year," Haitham al-Ghais said.