OPEC raises oil demand view in long-term outlook

LONDON/DUBAI, Oct 07 (Reuters): OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group's more bullish view compared to other forecasters.

The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2023 World Oil Outlook on Oct. 9, which is being launched in Riyadh, the capital of top OPEC producer Saudi Arabia.

Higher oil demand would be a boost for producers and the 13-nation OPEC and would underscore the need for continued investment. It also highlights OPEC's more bullish view on the oil demand outlook compared to the International Energy Agency (IEA) and other forecasters.

"Demand is still going up," one of the sources, who all declined to be named said, describing the upward revisions as not large. Oil use had shown resilience in the last 18 months during periods of high prices, the source added.