OPEC ‌expects robust oil demand growth and is not changing its estimates, Secretary General Haitham Al Ghais said on ‌Thursday at the St. ​Petersburg International Economic Forum, despite the Middle East conflict and ⁠closure of the Strait ​of Hormuz.

“Despite all the commentary out ⁠there that oil demand is declining, we have not registered signs of ‌that yet,” Al Ghais said.

“We ​still see ‌robust demand growth at 1.2 million ‌barrels a day for this year,” he said.

He also said that ⁠investments in the ‌oil ⁠industry should not be affected by “one-off events” ⁠that ⁠happen anywhere in the world.

“We need to invest ‌well ahead of time to be prepared for the demand that ‌we ​see in ‌the future,” he said.