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The Future of the Oil Industry - Mineral Royalties
Recent reports from OPEC might give us some insights into the future of the oil industry.
Apparently, global oil demand is expected to grow by 2.33 million barrels per day this year, which is quite impressive. Although, this growth will mostly come from the Chinese market, while other regions may experience slight declines due to economic challenges.
But don't worry too much, as this forecast still represents a slight increase from previous predictions. OPEC still expects total world oil demand to reach 101.9 million barrels per day in 2023.
Of course, there are still uncertainties around global economic developments and ongoing geopolitical tensions that could affect these predictions. But for now, it seems like the future of the oil industry is looking up.
https://oilprice.com/Energy/Crude-Oil/OPEC-World-Oil-Demand-To-Rise-By-233-Million-Bpd-In-2023.html
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