Demand for OPEC crude to rise in 2016 – Kachikwu

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President, Organisation of Petroleum Exporting Countries, Dr. Ibe Kachikwu, says the demand for OPEC crude is expected to rise by 1.2 million barrels per day in 2016.

This is contained in a statement signed by Ohi Alegbe, NNPC’s Group General Manager, Group Public Affairs Division, and released to newsmen in Abuja on Saturday.

The statement quoted Kachikwu, Nigeria’s Minister of State for Petroleum as saying this while addressing the 168th (Ordinary) Meeting of the Conference of the OPEC held in Vienna, Austria.

It said that the expected rise in demand would average 30.8 million barrels per day in 2016, leading to a more balanced market.

It said that in the years ahead a balanced and stable market would be crucial to ensuring continued investment in the industry to meet the world’s growing energy needs.

According to the statement, the conference is focused on enhancing market stability, which will be of benefit to all stakeholders and contribute to global economic growth.

It said that dialogue and collaboration with consumers, non-OPEC producers, oil companies, and investors are essential to attaining the 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 round-table 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,’’ the statement quotes Kachikwu as saying.

Source: Punch