Investment crucial to future of oil industry: Opec

OPEC is in ‘catholic marriage’ with India here’s why secy-general Mohammad Barkindo thinks

Oil prices have rallied this year on expectations that USA sanctions on Iran will strain supplies by lowering shipments from OPEC's third-largest oil producer.

The global oil sector needs about $11 trillion in investment to meet future oil needs in the period up to 2040, Barkindo said, adding that import-dependent countries such as India were concerned about future oil supply. Crude oil prices gained about $10 a barrel in three months to October 3 but gave up $6 in the following 10 days.

Russian and Iranian energy ministers on Monday discussed potential further regulations in oil production under the deal reached between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, the Russian Energy Ministry said. Saudi Arabia has "a healthy spare capacity to serve as a buffer against any emergency", he added.

Barkindo said consumers including India have expressed concerns on the outlook for supply.

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OPEC separately updated its oil supply and demand forecasts on Thursday, cutting demand estimates for next year due to economic challenges such as trade disputes and volatile emerging markets, and pointing to excess supply.

In fairness, Barkindo reiterated an earlier claim that "the market remains well supplied" and that "the projections for 2019 clearly show a possible rebuild of stocks"; however, it's questionable if one can genuinely argue that the current market is healthy if indeed spare capacity is shrinking. "From 2014 to 2016, world oil supply growth outpaced that of oil demand, with world oil supply growing by 5.8 mb/d, while world oil demand increased by 4.3 mb/d", he said.

India, which imports more than 80 percent of its oil needs, shipped in 4.2 million barrels per day (bpd) of crude in 2017.

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