Haitham Al Ghais, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said Monday, “OPEC sees global oil demand rising to 110mn barrels per day (bpd) by 2045.”

Meanwhile, Saudi Aramco CEO Amin Nasser said that “oil markets fundamentals remain generally sound for rest of the year.”

Additional quotes

“Developing countries, especially China and India, driving oil demand growth of more than 2mln bpd this year.”

“China's transport and petrochemical sectors are still showing signs of growth despite economic headwinds.”

Market reaction

Despite the upbeat comments from the energy leaders, WTI is trading 0.1% lower on the day at $69.50, as of writing.