Organization of Petroleum Exporting Countries Secretary General Haysem Gaisce said on October 12, local time, that OPEC has lowered the global average daily oil demand growth forecast for 2026 from 1.4 million barrels at the beginning of the year to 400,000 barrels, and it is expected that demand that was previously postponed will gradually become apparent in 2027. On the same day, Gaisce also said at the 25th World Petroleum Conference held in Riyadh, Saudi Arabia, that by 2050, global primary energy demand is expected to increase 23% from current levels. He pointed out that there is a widespread problem of insufficient investment in all aspects of energy production, and related effects have already been shown in oil refining and other fields.

Organization of Petroleum Exporting Countries Secretary General Haysem Gaisce said on October 12, local time, that OPEC has lowered the global average daily oil demand growth forecast for 2026 from 1.4 million barrels at the beginning of the year to 400,000 barrels, and it is expected that demand that was previously postponed will gradually become apparent in 2027. Gaisce also said at the 25th World Petroleum Conference held in Riyadh, Saudi Arabia on the same day that by 2050, global primary energy demand is expected to increase 23% from current levels. He pointed out that there is a widespread problem of insufficient investment in all aspects of energy production, and related impacts have already been shown in oil refining and other fields.