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

Meanwhile, the Today, Brent crude price is down 1% and is trading at $94.80with what Over the eighth month of the year, it is up 11.4%.According to figures provided by the New York Mercantile Exchange (NYMEX).

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

for this part, The Organization of the Petroleum Exporting Countries (OPEC) has estimated today that the global oil industry will need investments of $12.1 billion From now until 2045 in order to meet the increase in demand and avoid the supply crisis.

Oil: OPEC’s Outlook to 2035

OPEC expects global demand for oil to increase until 2035, Thanks to the efforts of African countries, India and other Asian countries, to fuel transportation and expand their middle classes, according to the cartel’s annual report published on Monday.

Global demand reached 96.9 million barrels per day in 2021, according to estimates, and is expected to rise to 109.5 million barrels per day by 2035.

As of that date, and for a decade, demand will stabilize at 109.8 million barrels per day, according to estimates by the annual report of the Organization of the Petroleum Exporting Countries (OPEC).

The report’s authors note that “OECD demand is on a downward trajectory after 2024, and will decline to 34 million barrels per day” by 2045, compared to demand in 2021, which was 44.8 million barrels per day.

By contrast, “long-term demand from non-OECD countries would increase by 24 million barrels per day” in that period, “thanks to an expanding middle class, strong population growth, and advanced economic growth potential.” , the report adds.

The annual report concludes, “Therefore, global oil demand is expected to rise by 12.9 million barrels per day to reach 109.8 million barrels per day in 2045.”

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