Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), reported that the organization is observing a slowdown in global oil demand growth, attributing it to ongoing geopolitical tensions in the Middle East. Speaking at the
St. Petersburg International Economic Forum's session "Global Energy Systems: How the Global Energy Sector Responds to Challenges and Risks," Al Ghais clarified that this deceleration remains within limited bounds. He added, addressing current challenges: "We currently face a complex situation
in the Middle East, particularly in the Strait of Hormuz. While noting some decrease in oil demand growth compared to our previous forecasts over the past two months, it is not a significant decline." For his part, Russian Deputy Prime Minister
Alexander Novak affirmed his country's commitment to active participation in the "OPEC+" alliance, emphasizing its crucial role in stabilizing global energy markets. Novak highlighted the pivotal role hydrocarbons play in the global energy mix, stating they "currently account for 84%
of the global energy balance." This underscores continued significant reliance on oil and gas, despite the growing trend toward renewable energy. Novak further explained that the global energy sector faces severe pressures on energy resource supply, noting the global oil market
loses approximately 12 million barrels daily due to geopolitical and logistical challenges impacting supply chains. These statements come amidst a climate of anticipation and caution in the global energy sector, driven by geopolitical developments in the Gulf region, a vital artery
for worldwide oil supplies. The St. Petersburg International Economic Forum commenced on Wednesday with broad participation from experts and decision-makers worldwide. The forum is scheduled to continue until Saturday, with Saudi Arabia participating as a guest of honor.
