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OPEC: Oil market will see a balance in 2016
12-10-2015 03:06 PM
Secretary General of the Organization of Petroleum Exporting Countries OPEC Abdullah al-Badri, said yesterday that he is confident that the oil market, the organization will be more balanced in 2016 with the decline in the production of non-OPEC countries and rising global demand. Badri said at a conference of oil and gas in Kuwait City during the past few months has been recording a decline in production in non-OPEC members and an increase in global demand. But Badri, acknowledged that the market is still experiencing a boom in supply and stressed that the important stability of the oil market with times that witnessing great challenges. Secretary General of OPEC, said that the market data core does not support the decline Great price which has fallen about 60% since June 2014, but predicted that world oil demand will rise to 110 million barrels per day by 2040 from 93 million bpd now. He said this requires investments worth $ 10 trillion between now and then.
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