By Prince Okafor, with agency report
Secretary General, Organisation of the Petroleum Exporting Countries, OPEC, Mohammed Barkindo, has said enduring stability in the global crude oil market would amplify investments and encourage petroleum output expansion.
Barkindo, who made this known on the sidelines of the ongoing OPEC’s World Oil Outlook launch at Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC 2016, in United Arab Emirate also said the future potential for energy providers was huge.
He, however, stated that the forecast expansion in demand would require significant investments.
“It is then essential for us to continue working towards securing an orderly and stable markets with prices at levels that are conducive to a healthy and prosperous future for all concerned in the industry,” he said.
“No doubt, there are challenges and uncertainties that we will face, but there are also tremendous opportunities, and they all equate to growing demand on all forms of energy that is oil, gas, renewables, coal and nuclear -to meet the burgeoning demand levels.
“Stability is necessary in order for us to plan for the future with relative certainty.
“We need stability for investments and for future petroleum output expansion to flourish. We need stability for economies around the world to grow and especially to provide access to modern energy services for those currently without them.
‘’We need stability to give producers a fair return from the exploitation of their exhaustible natural resources. Without question, stability is the key to a sustainable global energy future for us all,” Barkindo stated.