Oil demand to spike soon

Industry needs stability to invest

07 September 2018 | Ekonomie
Wendell Roelf



World oil consumption will reach 100 million barrels per day (bpd) later this year, hitting that level much sooner than previously forecast, OPEC's secretary-general has said.

Mohammad Barkindo also told an energy conference in South Africa's Cape Town on Wednesday that a stable environment was needed to encourage oil industry investment to meet the rising demand.

“The priority... is on ensuring stability is sustainable, spreading confidence in the industry and encouraging an environment conducive to the return on investments,” he added.

The Organisation of the Petroleum Exporting Countries with Russia and other producers have implemented a deal since January 2017 on cutting 1.8 million bpd from output to prop up prices that fell below US$30 a barrel in 2016 from over US$100 in 2014.

Yesterday, benchmark Brent was trading at about US$77. Barkindo said oil industry confidence was returning and OPEC was exploring ways of institutionalising cooperation between OPEC and its non-OPEC allies on their production levels.

Barkindo also told reporters at the conference that global trade disputes could hurt energy demand in future, although he said he was hopeful the uncertainty would lift soon.

US President Donald Trump's tariff threats against China, the world's second-biggest economic power, have caused jitters in markets across the world.

“The trade disputes that are emerging among some of the leading partners in the world will eventually hurt [global economic] growth and, by extension, demand for energy,” Barkindo said.

“But we are confident... these parties will be able to overcome some of these challenges. We are hopeful we will be able to overcome this cloud of uncertainty regarding trade as quickly as we can in order to mitigate the contagion.”– Nampa/Reuters

Soortgelyk

 

Kommissie vir grondeise aangestel

2 ure gelede | Regering

Ronelle Rademeyer - Pres. Hage Geingob het gister ‘n presidensiële kommissie van ondersoek na voorvaderlike grondregte en hoe daarvoor vergoed moet word, aangestel.Dié kommissie onder...

Vrou wat kraam se pelvis breek glo in staatshospitaal

2 ure gelede | Gesondheid

font face="Verdana" >Henriette Lamprecht – Wat ’n normale bevalling moes wees, het na bewering vir ’n jong ma ’n gebreekte pelvis, gebreekte heup en reusebloedverlies...

Kalender 22 Februarie

2 ure gelede | Kuns en vermaak

Nou aan die gang» Vir slegs twee aande sluit die sanger Slickartie by die alombekende Mashura-band aan. Dié nuwe groep gee jou goeie rede om...

Weer vir 22 Februarie

2 ure gelede | Weer

BINNELAND: Gedeeltelik bewolk en baie tot bloedig warm met 'n paar buie in die Weste.KUS: Gedeeltelik bewolk en koel tot warm met miskolle op plekke...

Waardasierol is nietig

2 ure gelede | Howe

Ryno van der Merwe, NLU-president: “Ons onderhandel tans oor die belasting en wil nie hê die hofbeslissing moet as 'n 'oorwinning' beskou word nie.”

'Ek was 'n Judas wat vir mense gelieg het'

2 ure gelede | Howe

Ronelle Rademeyer'n Senior admini­stratiewe beampte het gister in die hoërhof in Windhoek getuig sy was met haar rug teen die muur oor skuld en het...

Tyd vir skoffel in die Ooste

2 ure gelede | Kuns en vermaak

Yolanda Nel – Dit is om die draai en beslis nie iets wat jy wil misloop nie, so omkring sommer nou reeds 21 Maart op...

Skaam en wild

2 ure gelede | Kuns en vermaak

The Poject Room bied eersdaags Anne Lacheiner-Kuhn se Shy Wild-uitstalling aan. DIE KUNSTENAARAnne Lacheiner-Kuhn, die Namibies gebore kunstenaar, wat tans in Londen woon, maak van...

UPM: Stel Reho-raadslede weer aan

2 ure gelede | Politiek

Die United People’s Movement (UPM) eis drie van hul raadslede op die Rehoboth-dorpsraad, wat saam met vier Swapo-raadslede verlede jaar geskors is, moet heraangestel word....