The OPEC scribe stressed that its potential loss, through either sanctions or voluntary actions, is rippling through energy markets.
OPEC fear the war in Ukraine could have significant consequences on geopolitics, global economy and even the world order.
The Organisation of Petroleum Exporting Countries (OPEC) says it will remain fully focused on maintaining a steady flow of energy supplies to consumers.
Notwithstanding the forecast, OPEC said it was keeping its eyes on ongoing volatility in the market.
“Investments have not recovered since a global level of $700 billion was witnessed in 2014…”
Global oil demand was estimated to reach 96.4 mb/d in 2021, while total world demand in 2022 was estimated to reach 100.6 mb/d, around 0.56 mb/d above 2019 levels.
The Organisation of Petroleum Exporting Countries (OPEC) has described Nigeria as one of the most admired member countries in the global oil market.
“Commercial oil inventories in the OECD stood just 77 million barrels above their 2015-2019 average as of March, down from a peak of 249 million in July.”
“This was not an easy decision to make.
“To meet this future demand, the global oil sector will need cumulative investment of $12.6 trillion.”
