Core Insights - The Secretary General of OPEC, Al Ghais, stated that global oil demand is projected to exceed 120 million barrels per day by 2050 [1] Industry Summary - OPEC's forecast indicates a significant increase in global oil demand, highlighting the long-term reliance on oil as a primary energy source [1]

Core Insights - OPEC Secretary General Ghais stated that there are no signs of peak oil demand yet [1] - Oil demand is projected to reach 120 million barrels per day by 2050 [1] - Lack of investment in oil and gas is considered dangerous [1] - The International Energy Agency's (IEA) shift on oil investment issues is concerning [1]

Core Viewpoint - OPEC Secretary General Al Ghais stated that oil demand will not peak in the short term [1] Group 1 - The current outlook suggests sustained oil demand growth in the near future [1] - Al Ghais emphasized that there are no immediate signs indicating a peak in oil consumption [1]

Group 1 - India's crude oil imports in March increased by 9.0% year-on-year, marking the largest growth since March 2023, reaching 22.7 million tons [1] - In contrast, India's oil demand in March decreased by 3.1% year-on-year to 20.91 million tons [1]

Group 1 - The International Energy Agency (IEA) reports that in 2024, the share of oil in global energy consumption will fall below 30% for the first time, primarily due to slow post-pandemic recovery in oil demand and growth driven by aviation fuel and petrochemical feedstock [1] - Global oil demand is projected to increase by 830,000 barrels per day in 2024, significantly lower than the 2.1 million barrels per day growth in 2023, and slightly below the 900,000 barrels per day forecast by S&P Global Commodity Insights [1] - Road transport oil demand growth has significantly slowed, contributing only 5% to global oil demand growth since 2022, due to the rise of alternative fuels like electric vehicles and liquefied natural gas [1] Group 2 - In the latest monthly oil market report, the IEA predicts that global oil demand growth will slightly exceed 1 million barrels per day in 2025, while S&P Global Commodity Insights expects a growth of 1.3 million barrels per day [2] - The IEA forecasts a 2.2% increase in total global energy demand in 2024, with electricity consumption being the main driver, supported by increased generation from natural gas, coal, nuclear, and renewable energy sources [2] - All major fuels are expected to see an increase in demand in 2024, with renewable energy having the highest share, followed by natural gas [2]