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OPEC will continue with supply adjustments for oil market, chief says

CommoditiesDec 04, 2021 14:31
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2/2 © Reuters. FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo 2/2

MILAN (Reuters) -The Organization of the Petroleum Exporting Countries (OPEC) will continue with its supply adjustments for the oil market, the OPEC Secretary General said on Saturday.

"We will continue to do what we know best to ensure we attain stability in the oil market on a sustainable basis," Mohammad Barkindo said in a webinar organised by Italian think-tank ISPI.

Oil prices fell on Thursday https://www.reuters.com/markets/commodities/oil-rises-views-opec-may-pause-supply-addition-amid-omicron-fears-2021-12-02 after OPEC and its allies stuck to their existing policy of monthly oil output increases despite fears a release from U.S. crude reserves and the new Omicron coronavirus variant would put renewed pressure on prices.

Barkindo said in terms of oil demand the estimate at the moment was for a growth of 5.7 million barrels per day. "In 2022 we expect another 4.2 million," he said.

He said the uncertainty and volatility on the markets was also due to extraneous factors such as the ongoing Covid pandemic and not necessarily the fundamentals of oil and gas.

"Now we are on course of returning the level of consumption in 2022 to pre-COVID levels," he said.

Barkindo said that the forecast was for oil and gas to account for more than 50% of the global energy mix in 2045 or even to mid century.

"In all the pronouncements we had from Glasgow we have not yet seen any concrete road map or plans of how to replace this 50% ... without creating unprecedented turmoil in the energy markets," he said, referring to the Glasgow climate conference.

"Oil and gas will be needed for the foreseeable future."

OPEC will continue with supply adjustments for oil market, chief says
 

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Comments (2)
Syed Khaja
Syed Khaja Dec 04, 2021 17:46
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what we can think coming another 15 days position oil and gold prices may go up or may fall down
shital Mane
shital Mane Dec 04, 2021 13:47
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Monday Huge Gap Up
Tayyab Khan
Tayyab Khan Dec 04, 2021 13:47
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up or down
Fareed Rasidi
Fareed Rasidi Dec 04, 2021 13:47
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