The Organisation of Petroleum Exporting Countries, OPEC, has predicted that the world oil demand will hit 100 million barrels per day, bpd, from 99.3 million bpd by the fourth quarter of 2018.
In his keynote address at the Africa Oil and Power Conference, Cape Town, South Africa, Mohammad Sanusi Barkindo, OPEC Secretary General, said, “In the period to 2040, the required global oil sector investment is estimated at $10.5 trillion to meet future world oil demand that is expected to surpass 111 mb/d by 2040.
“This represents a staggering increase of 16 mb/d. Indeed, the world will attain the 100 mb/d level of consumption in 4Q18, much sooner than projected. Therefore, stabilizing forces which create conditions conducive to attracting investment are essential.”
He added, “It often may appear that our industry is subject to forces beyond our control. Geopolitical events, natural catastrophes, technological breakthroughs or other critical uncertainties: we are all aware of the impact they can have.
“However, there is another force alive and well in our industry. This force exists in the desire of producers, consumers and investors, ordinary women and men throughout the world, to have sustainable stability in the oil market.”