OPEC, which along with its allies is ramping up oil output, expects "very strong" oil demand in the third quarter and a tight supply-demand balance in the following months, its secretary general said,

Demand will continue to grow in developing economies, according to the oil cartel. Many groups, including the International Energy Agency, predict that the world’s peak oil production is close, and global oil demand will drop starting in the next decade as more renewables come online.

Oil demand had recovered from the COVID-19 pandemic, resulting in a more predictable outlook, organization says