The Secretary-General of the Organization of Petroleum Exporting Countries OPEC Dr Mohammad Sanusi Barkindo says the Organization is committed to building on the progress already achieved in the stabilization of the International oil Market.
Dr Sanusi Barkindo who stated this in an interview with Abuchi Nwozor assured Nigerians especially stakeholders in the energy industry of consolidation in the successes recorded in the oil sector in the interest of oil producers and the global economy.
According to Dr Sanusi Barkindo OPEC has revised its global economic forecast up to five point five percent for 2021, and the oil demand growth forecast remains at six million barrels per day.
According to him the majority of the demand is back loaded to the second half of 2021, as a backwardation structure remains in all major crude oil benchmarks.
Dr Sanusi Barkindo who said that over the last five decades the unique relationship between OPEC and Nigeria has had multitude of positive consequences for both parties commended president Mohamadu Buhari for the pivotal role he played in the OPEC declaration of cooperation Process.
He said that this enabled the Organization to co-ordinate for the first time ever with ten non OPEC oil producing countries led by the Russian federation in a concerted effort to accelerate the stabilization of the global oil Market.
The Secretary General of OPEC disclosed that from 2014 to 2016 World oil supply growth outpaced that of demand with oil supply growing by five point eight million barrels per day, while World oil demand increased by four point three million barrels per day.
Dr Sanusi Barkindo of Nigeria stated that OPEC reference basket Price fell by an extra ordinary eighty percent between June 2014 and January 2016 as some crude oil benchmarks fell below Ten dollars per barrel.