OPEC targets Crude price stability

By Udeme Akpan

THE Organisation of Petroleum Exporting Countries, OPEC, has disclosed that Nigeria’s oil output dropped to 1.811 million barrels per day, bpd, in October, 2019 from 1.848 bpd in the previous month.

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In the report obtained by Vanguard yesterday, OPEC also stated: “Crude oil output increased mostly in Saudi Arabia, Venezuela and UAE, while production decreased in Ecuador, Angola, Iraq and Nigeria.”

The global oil cartel indicated that global economic growth forecast which usually drives oil prices, remains at 3.0 per cent for both 2019 and 2020. It stated: ‘‘Growth forecasts for all major regions remain unchanged for 2019. For 2020, a small downward revision is expected for the Euro-zone and Brazil’s forecast was revised up slightly. Euro-zone growth remains at 1.2 per cent for 2019, but was revised down to 1.0 per cent for 2020.

“Japan’s growth forecast is unchanged at 0.9 per cent for 2019 and 0.3 per cent for 2020. China and India’s growth forecast were also unchanged, standing at 6.2 per cent and 6.1per cent for 2019 and 5.9 per cent and 6.7 per cent for 2020, respectively.

‘‘Brazil’s 2019 growth forecast remains unchanged at 0.8 per cent, while the 2020 forecast was revised up slightly to 1.6per cent. Russia’s forecast remains at 1.0per cent for 2019 and 1.2per cent for 2020.”

However, speaking at the presentation of OPEC’s market Outlook November 13, 2019, the Secretary General, OPEC, Mohammad Barkindo, stated: “Total primary energy demand is set to expand by a robust 25 per cent between 2018 and 2040.

‘‘This will be driven by global economic expansion, which in 2040 is expected to be double the size it was in 2018, and population growth, which is projected to reach around 9.2 billion in 2040, an increase of around 1.6 billion from today’s level.

‘‘Moreover, it is also important to recall that close to one billion people still have no access to electricity and almost three billion people still lack access to clean energy fuels.  It is a universal obligation to address the major challenge of energy poverty.

“All forms of energy will be required to help meet this expanding demand in a sustainable way.

BREAKING: OPEC puts Nigeria’s October oil output at 1.811m bpd(Opens in a new browser tab)

‘‘Renewables witnessed the largest growth in percentage terms, with significant expansion envisaged in OPEC member countries, particularly in UAE.

‘‘Natural gas recorded the largest growth in terms of volume; and oil remains the fuel with the largest share in the energy mix to 2040.

‘‘In fact, oil and gas combined are still expected to make up more than 50 per cent of the energy mix by 2040.”



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