OPEC sees weaker oil demand in 2019 as rivals output surge

18 October, 2018, 22:43 | Author: Regina Silva
  • India is the world’s third biggest oil consumer and importer

Saudi Arabia has assured OPEC that it is "committed, capable and willing" to ensure there will be no shortage in the oil market, OPEC's secretary-general said on Wednesday.

Opec reiterated Tuesday the importance of new investments in the oil industry in order to meet future growing demand, particularly from the main driving engine - India - Kallanish Energy reports. Brent crude LCOc1 last week reached United States dollars 86.74, the highest since 2014.

The global oil sector needs about $11 trillion in investment to meet future oil needs in the period up to 2040, Barkindo said, adding that import-dependent countries such as India were concerned about future oil supply.

He added that India's oil demand is expected to rise by 5.8 million barrels per day (bpd) by 2040, accounting for around 40% of the global demand rise.

In June, OPEC and non-OPEC oil producers chose to stick to 100 percent conformity of predetermined oil production cap, thus allowing an increase of oil production as the deal participants have reduced the output more than required in the past months.

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Deputy chief executive Vadim Yakovlev told a briefing in London that the company's production was back at the levels it was pumping before Russian Federation clinched a deal with OPEC to cut output last year, and was ready to produce more next year.

The weaker outlook comes as pressure is increasing on the OPEC and its allies to pump more to offset the impact of looming US sanctions on Iran and Venezuela's collapsing oil industry.

Oil cartel OPEC and allies haven't yet kept their promise of raising oil output by one million barrels a day, oil minister Dharmendra Pradhan said, but didn't blame supply scarcity for recent crude price trend.

Indian officials have flagged worries about the outlook for crude supply though oil producers have downplayed a potential shortfall.

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