Oraganisation of Petroluem Exporting Countries (OPEC) Secretary-General, MohammadBarkindo has predicted that global oil demand will reach 109 million by 2040.
He gave the indication at the Nigeria Oil & Gas conference held in Abuja.
In his keynote address, he said: “There is no doubt that oil will remain a fuel of choice for the foreseeable future.”
He added that by 2040, oil and gas would still satisfy 53 per cent of the total primary energy demand.
The OPEC scribe paid a working visit to the country last week. This was his first since he assumed duties on August 1, last year.
During the visit, he met Acting President Yemi Osinbajo, Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, as well as senior government and corporate leaders.
He expressed gratitude to Osinbajo for the country’s support during the recent extensive consultations between OPEC and non-OPEC nations, which led to the three historic decisions: the ‘Algiers Accord, the Vienna Agreement, and the Declaration of Cooperation with 11 non-OPEC nations.
The secretary-general also briefed the Acting President on the implementation of the decisions, as well as recent oil market developments and prospects.
He said recent data confirmed that the OPEC-11 achieved a conformity level of 94 per cent last January, while with participating non-OPEC producing countries, the conformity level stood at 86 per cent. He added that all 24 countries were committed to the process and were confident of further improvements to reach the full and timely conformity of the decisions taken.
The decisions, he said, were positively impacting the market as seen by the onset of a more bullish sentiment among oil investors and the global oil industry, as well as a welcome spillover effect to the global economy with improved performance in some key industrialised countries.
“These positive indicators are leading to better short and medium-term perspectives for the market, in particular for investment,” he said.
He highlighted the importance of the event and the prestige it has brought to the country over the years. He said the event was created through the vision and leadership of the late Rilwanu Lukman, then OPEC Secretary-General, and the collaboration between him and Dr. Alirio Parra, a former Minister of Energy & Mines of Venezuela, now Honorary Chairman of the conference.