Kachikwu forecasts rise in demand for OPEC crude in 2016
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has predicted a rise in demand for OPEC crude in 2016 by 1.2 million barrels per day to average 30.8 million barrels per day, leading to a more balanced market.
A statement by the Nigerian National Petroleum Corporation, NNPC, said Kachikwu spoke in Viena Austria while addressing ministers at the 168th Ordinary Meeting of the Organisation of Petroleum Exporting Countries, OPEC.
The minister, who also doubles as Head of Nigeria’s delegation to the conference, was earlier elected as President of OPEC to take over from Diezani Allison-Madueke, whose tenure was short-lived by failure of former President Goodluck Jonathan to return to power.
According to him, 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.
Speaking on the meeting, the OPEC President said it was centred on enhancing market stability which would benefit all stakeholders and contributes to global economic growth stressing that this can be achieved only through the concerted effort of all stakeholders.
He disclosed that world oil demand in 2015 grew by 1.5 million barrels per day from 1 million barrels per day in 2014.
“Next year, we foresee growth of 1.3 million barrels per day to average 94.1 million barrels per day, with most of this growth coming from non-OECD countries.
“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,” Kachikwu stated.
He expressed OPEC’s commitment to protect the environment and support sustainable development as OPEC and its member countries are taking part in climate change negotiations in Paris with the goal of full, effective and sustained implementation of the United Nations Framework Convention on Climate Change.