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

 

Lugvaart onder vergrootglas

7 ure gelede | Vervoer

Ronelle Rademeyer - Die internasionale lugvaartwêreld se oë is op Namibië om te sien of hy tydens die universele veiligheidsouditprogram (Usap) van die Internasionale Burgerlugvaartorganisasie...

Einde van die pad vir 500ppm diesel

7 ure gelede | Energie

Augetto Graig - Die uitfasering van 500ppm diesel begin op 23 November.Die minister van myne en energie, mnr. Tom Alweendo, sal op dié dag ...

Piepklein en waardevol

7 ure gelede | Omgewing

Tanja Bause Beeskloutjies is unieke plante wat net in die woestyn- en semi-woestyngebiede van westelike en suidelike Namibië en noordelike Suid-Afrika voorkom. By die Alte...

Pragkerk vol bierbottels

7 ure gelede | Infrastruktuur

Tanja Bause Op 'n koppie op die plaas Helme­ringhausen staan 'n kerkie wat met bierbottels gebou is. Die droom van dié kerk het sowat twee...

Weer vir 19 November 2018

7 ure gelede | Weer

BINNELAND: Gedeeltelik bewolk en baie warm tot bloedig warm met enkele donderbuie op plekke.KUS: Gedeeltelik bewolk en koel met miskolle aanvanklik.GETYE BY WALVISBAAI: L...

53 renosters al vanjaar gestroop

7 ure gelede | Omgewing

Francoise Steynberg -'n Onthoringde renoster is in die Suide gestroop en nog een is gekwes.Nadat dié renosterkarkas verlede naweek in die Hardapstreek gevind is, bring...

Grootfontein ontken wanbesteding

7 ure gelede | Regering

Augetto Graig - Grootfontein se geldsake was onlangs onder die vergrootglas toe Namibië se ouditeur-generaal, mnr. Junias Kandjeke, sy kantoor se verslag oor dié dorp...

Noordweste se aardbewings 'n raaisel

7 ure gelede | Plaaslik

Elvira HattinghSedert Maart vanjaar het vyf beduidende aardbewings in die Anker-gebied in die noordweste­ van die land voorgekom - almal het tussen 4,1 en...

Stille getuies van ’n vergange era

7 ure gelede | Toerisme

Tanja Bause – Op die plase Sandvirhaar en Simplon in die suide van die land staan twee kalkoonde wat meer as ’n eeu oud is....