OPEC Expresses Optimism on Continue Strong Oil Demand

OPEC Secretary General Haitham Al Ghais, On Thursday, defended the recent modifications to the OPEC+ oil output agreement, describing it as a successful move. 

While speaking at an economic forum in St Petersburg, Russia, Al Ghais expressed confidence in the ongoing strong demand for oil, pointing to resurgence in travel. 

OPEC+ recently decided to prolong most of its oil output reductions until 2025, with the option for voluntary cuts from eight members to be gradually reversed starting from October. 

Concerns arose among investors regarding the complex OPEC+ output decision potentially leading to increased supplies later in the year, despite the sluggish growth in demand.