OPEC's Barkindo: Oil Demand To Hit 100 mln bpd 'Much Sooner' Than Projected

OPEC Secretary-General Mohammad Barkindo said on Wednesday that world oil consumption would hit 100 million barrels per day later this year, “much sooner” than earlier projected. OPEC and other producers led by Russia last year began withholding 1.8 million barrels per day (bpd) of supplies to tighten the oil market and prop up prices that in 2016 fell to their lowest in more than a decade. “The world will attain the 100 million barrels a day mark of consumption later this year, much sooner than we all earlier projected. Therefore stabilizing forces which create conditions conducive to attracting investments are essential,” Barkindo told an oil and power conference in South Africa’s Cape Town.

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A simplified - time for electric cars...

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KSA's oil production in August rose to 10.424 million bpd compared to 10.288 million bpd in July- more oil, more money....

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They need cash....

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And nothing about crude quality scenario. There will be a time when analysts are going to wake up and smell the “crude”.

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Is anyone holding him accountable for these numbers he likes to throw around so much? Course not. Boring.

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2 minutes ago, franco said:

And nothing about crude quality scenario. There will be a time when analysts are going to wake up and smell the “crude”.

Platts all over crude quality.

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According to Oxford Energy analysts competing risks could push crude #oil prices well above $90/barrel in 2019 or as low as $50, citing U.S. sanctions on Iran, Venezuela and Libya, but also Trade War and concerns over Emerging Markets. Welcome to 2019.

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The crude oil growth has been consistent at 1.5MBPD for some time now. This means that 100MBPD will be reached in 2020.

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