Don't mention the oil price - US legal threat prompts change at OPEC

Mae Love
October 18, 2018

Mohammed Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) noted over the weekend, published by Reuters on Tuesday, India´s demand for oil is expected to witness the fastest growth by 2040. Brent crude breached four year highs to reach $86.74 a barrel earlier this month, the highest since 2014.

In the third quarter of 2018, the total global supply of oil reached 100.3 million barrels per day and production of "black gold" and hydrocarbons have reached a record high.

"We are estimating $11 trillion worth of investments that would be required to meet current and future demand up until 2040", said Barkindo, on the sidelines of the India Energy Forum by CERAWEEK.

Speaking at the India Energy Forum by CERAWeek, Barkindo said, "Our current view is that the market is now adequately supplied and well balanced".

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But presumably in show created to reinforce its image as a responsible participant in the global energy sector, Alexander Novak, energy minister for Russian Federation, discussed the oil output cap agreed between OPEC and non-OPEC countries with his Iranian counterpart Bijan Zanganeh, at a meeting in Moscow; his ministry said they spoke about the possibility of further oil output regulation but declined to give any details.

Oil prices may keep their upward trajectory as global demand and supply approach new highs at 100 million barrels per day (mpbd) and with no signs that growth will stop soon, according to the International Energy Agency.

Indian officials have flagged worries about the outlook for crude supply though oil producers have downplayed a potential shortfall. Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC's third-largest oil producer. "We may have an opportunity to grow further", Yakovlev told reporters.

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