Kachikwu Rallies OPEC Members On Stable Global Oil Price

•Says Demand For OPEC Crude Expected To Rise

MINISTER of State for Petroleum Resources and President of the Organisation of the Petroleum Exporting Countries (OPEC) Conference, Dr. Ibe Kachikwu, has said the demand for OPEC crude is expected to rise by 1.2 million barrels per day to average 30.8 million barrels per day for next year, leading to a more balanced market.

Kachikwu, who is also head of Nigeria’s delegation to the 168th Ordinary OPEC meeting, said this while addressing the OPEC Ministers’ Conference in Vienna, Austria.

A press statement yesterday in Abuja signed by Mr. Ohi Alegbe, Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation (NNPC), quoted the minister as saying that 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.

Kachikwu stated that the conference was centered on enhancing market stability which would benefit all stakeholders and contribute to global economic growth, stressing that this can be achieved only through the concerted efforts of all stakeholders.

He disclosed that world oil demand this year grew by 1.5 million barrels per day, up from 1 million barrels per day last year.

“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,” Kachikwu added.

To the minister, as far as supply is concerned, non-OPEC countries would continue to see significant reduced production growth as compared to past years, noting: “In fact, in 2016, we anticipate a contraction in non-OPEC oil supply.”