By: Reuters

OPEC has revised down its oil demand growth forecast for this year to 400,000 barrels per day from 1.4 million bpd at the start of the year, in line with developments throughout the year, Haitham Al Ghais, Secretary General of the organisation said on Monday (October 12).

However, OPEC expects the deferred demand to materialize in 2027, when it anticipates pent-up demand.

“We believe that the world is going to require about 23% more primary energy from now to 2050. It's going to be all sources of energy, and the crunch we have today in diesel, jet fuel, gasoline, is something that was going to happen. It was just a matter of time,” added Ghais, speaking at the WPC Energy Congress in Riyadh.

Several top energy executives were dropped from the schedule of the congress, as Saudi authorities pressed ahead with the event despite deadly attacks on the capital claimed by the Houthis.

The chief executives of ExxonMobil, TotalEnergies, Shell, Chevron and BP had all been expected at the event, which began on Sunday (October 11), but were no longer on the agenda conference organizers released early Monday.

(Editing and Production: Abir Al Ahmar)