OPEC: Despite high inflation, world economy and fuel demand to grow

The global economy and fuel demand will grow despite inflation and high interest rates, OPEC Secretary General Haitham al-Ghais said at the Argus European Crude Conference in London, Report informs.

He noted that the US economy is growing, while Europe is experiencing difficulties. Even in China, economic growth could reach 4.5-5%, which would exceed Europe's.

“As for demand and its prospects, in the short and medium term we expect sustainable growth in the global economy, despite all the difficulties and problems,” he said.

China's oil imports rose markedly in October, both year-on-year and month-on-month, according to data released November 7. At the same time, total exports fell faster than expected, reflecting weak global demand.

In November-December, Chinese refineries may reduce oil consumption, which is likely to limit demand and exacerbate the fall in prices.