OPEC Sec-Gen: Oil & gas will dominate until 2040

NUR-SULTAN. KAZINFORM - Oil and gas will dominate the energy industry until 2040. At the same time, this year oil demand will grow to 112 million barrels per day. This forecast was given by OPEC Secretary General Mohammed Barkindo at XII KAZENERGY Eurasian Forum in Nur-Sultan, Kazinform correspondent reports.

Today, 24 producing countries have stabilized the oil market in a sustainable manner.

Over the past few months the global oil market has faced looseness due to trade disputes and geopolitical development. This uncertainty has also been redoubled by recent attacks on energy supplies in Saudi Arabia which is the largest oil producer in the world. About 5-7 million barrels of oil production were withdrawn from the market. Thus, oil price soared by more than 7%. This is the largest volatility we have seen within the last 30 years. Moreover, 5-7 million barrels were literally lost in one minute and that is the biggest loss in the history of oil», said Mohammed Barkindo.

According to Mohammed Barkindo, on November 5 OPEC will publish a global review covering the forecast for oil and gas industry.

«Oil and gas will remain the largest share of energy until 2040. We also expect strong growth in long-term demand for oil and gas. We forecast that this demand will grow by 112 million barrels per day by 2040. Most of this oil will come from developing countries with rapid population growth and straight economic development», predicts the OPEC Secretary General.

As Kazinform previously reported, Nur-Sultan is hosting XII KAZENERGY Eurasian Forum themed «Future of Energy Sources: Innovative Growth».