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No peak oil demand for foreseeable future: Barkindo

20 October 2017 [13:15] - TODAY.AZ

By  Trend


There is no peak oil demand for the foreseeable future, said Mohammad Sanusi Barkindo, OPEC Secretary General, at the Oil & Money conference in London.

“In our upcoming World Oil Outlook 2017, to be launched on November 7 in Vienna, we expect demand to pass 100 million barrels per day (mb/d) in 2020 and to reach over 111 mb/d by 2040. Let me stress that we see demand growing in every year of the outlook. There is no peak oil demand for the foreseeable future,” he said.

Barkindo noted that OPEC member countries themselves have defied the trend and continued to invest through the industry downturn. OPEC is therefore positioned to continue to be a dependable and reliable supplier of crude and products to global markets, he added.

Further, OPEC secretary general said there is no doubt that the market is rebalancing at an accelerating pace; stability is steadily returning; and “there is far more light at the end of the dark tunnel we have been travelling down for the past three years.”

“Let me stress that we continue to welcome dialogue among other producers outside of the ‘Declaration of Cooperation’, as well as consumers. For instance, we appreciated the initial dialogue we had with US independents at CERA Week in Houston in March,” said Barkindo.

In December 2016 in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017.

On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.

The reductions will be on the same terms as those agreed in November.

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