Minister of State for Petroleum Resources and President of the Organisation of the Petroleum Exporting Countries (OPEC) Conference, Dr. Ibe Kachikwu, says the demand for OPEC crude is expected to rise by 1.2 million.
He said the rise would shore up demand to an average 30.8 million barrels per day for the year 2016 leading to a more balanced market.
Kachikwu, who also doubles as head of Nigeria’s delegation to the 168th Ordinary OPEC Meeting, made this assertion while addressing the OPEC Ministers Conference in Austria, Vienna.
On enhancing market stability, he said that a balanced and stable market would be of crucial importance in the years ahead to ensure continued investment in the industry, as it gears up to meet the world’s burgeoning energy needs.
The OPEC Conference President stated that the conference was centered on enhancing market stability, which would benefit all stakeholders and contribute to global economic growth.
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He stressed that this could be achieved only through the concerted effort of all stakeholders.
“Dialogue and collaboration with consumers, non-OPEC producers, oil companies and investors are essential in reaching our common goal of a more orderly oil market. In 2015, we have seen positive examples between OPEC and Non-OPEC countries and the Asian Ministerial Energy Roundtable held in Qatar in November. OPEC has also held bilateral dialogues with Russia and China this year, and later this month the OPEC-India Energy Dialogue would have its first meeting,” Dr. Kachikwu stated.