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Wednesday, November 30, 2022

Oil advanced more than 11% in October due to production cuts by OPEC

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Meanwhile, the Brent rate fell 1% today and traded at $94.80with what throughout the eighth month of the year it advanced 11.4%according to figures provided by the New York Mercantile Exchange (NYMEX).

China’s manufacturing industry returned to the contraction zone in October and non-manufacturingwhich measures activity in sectors such as construction or services, went into contraction for the first time in the last five monthsaccording to the Purchasing Manager Index (PMI, benchmark indicator for the sector) published yesterday by the National Statistics Office (ONE).

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For its part, The Organization of Petroleum Exporting Countries (OPEC) estimated today that the world oil industry will need investments of US$12.1 billion between now and 2045 in order to meet the increase in demand and avoid a supply crisis.

Oil: OPEC forecasts until 2035

OPEC forecasts an increase in global oil demand until 2035, thanks to the push of African countries, India and other Asian countries, to feed transport and the expansion of their middle classes, according to the cartel’s annual report published this Monday.

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Global demand stood at 96.9 million barrels per day (mbd) in 2021, according to estimates, and is expected to rise to 109.5 mbd by 2035.

From that date, and for a decade, the demand will stabilize at 109.8 mbd, estimates the annual report of the Organization of Petroleum Exporting Countries.

“The demand of the OECD countries presents a declining trajectory after 2024, and will fall to 34 mbd” by the year 2045, compared to the demand of 2021, which reached 44.8 mbd, indicate the authors of the report.

By contrast, “long-term demand from non-OECD countries will increase by 24 mbd” in that period, “thanks to an expanding middle class, strong population growth and advancing economic growth potential.” , add the report.

“Therefore, world oil demand is expected to increase by 12.9 mbd, reaching 109.8 mbd in 2045,” the annual report concludes.

The document foresees a long period of stability from 2035, thanks to “energy policies and technological advances” likely to favor a diversification of the energy mix.

Source: Ambito

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