XOM - OPEC's Optimism Boosts Outlook: Top 5 Oil Stocks To Watch Now | Benzinga
In a world where every drop of oil and every puff of emission is scrutinized, the Organization of the Petroleum Exporting Countries, or OPEC, has stood as a bastion of optimism by reportedly raising its medium- and long-term oil demand outlook, which will be highlighted in a forthcoming report.
OPEC's outlook is a counter-narrative to the doomsday predictions of prominent organizations like the International Energy Agency (IEA), according to a news report by Reuters.
OPEC's positive outlook comes amid the global push toward renewable energy. The updated forecasts are set to be unveiled in OPEC's 2023 World Oil Outlook on Oct. 9 in Riyadh, Saudi Arabia.
Contrasting Views on Oil Demand
While OPEC sees a bright future for oil, others, including the IEA, are less optimistic, the Reuters report added. The IEA, advised by industrialized nations, has been at odds with OPEC's forecasts, leading to public disagreements ...