Oil Demand to Increase to 112 Million Barrels Per Day

BUSINESS TURKMENISTAN
Oil Demand to Increase to 112 Million Barrels Per Day
Barkindo said that OPEC will publish its next global review of the oil market on November 5 this year.

Oil demand will increase to 112 million barrels per day by 2040, Interfax cites OPEC Secretary General Mohammed Barkindo as saying at the XII KazEnergy Eurasian Forum held in in the capital of Kazakhstan on 26 September.

The head of OPEC noted that the hydrocarbons will keep a dominant position in the energy market until 2040. “Most of this will come from developing countries with high population growth rates, expanding middle classes and strong economic growth,” Barkindo stated.

Barkindo also said that OPEC will publish its next global review of the oil market on November 5 this year.

On its September report, OPEC cut its forecast for global oil demand growth for the remainder of this year to 1.02 million barrels per day (b/d). That’s down 80,000 b/d from its August estimate.

Saudi Arabia has also assured OPEC that it has restored the bulk of its supply after the attack on its oil facilities in the country.

"He (the king of Saudi Arabia - Interfax) also promised that Saudi Arabia will maintain the level of production as agreed on September 12 in the UAE," Barkindo said at the forum.

Barkindo also stated that any undermining of the safe supply of oil and gas anywhere in the world is a big violation for the industry and OPEC economy.

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 14 major oil-exporting nations, founded on 14 September 1960 in Baghdad to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets. Countries that belong to OPEC include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela (the five founders), plus the United Arab Republic, Libya, Algeria, Nigeria, Angola, Ecuador, Equatorial Guinea, Gabon, Republic of Congo.