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OPEC's agreement members about to cut oil production to 100%: Secretary General

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OPEC Secretary General Mohammad Barkindo said that the nations participating in oil supply reduction agreement are working towards meeting the level of commitment to cut production to 100 percent.

Mohammad Barkindo added that India's demand for oil is expected to rise by 5.8 million barrels per day by 2040, accounting for about 40 percent of the total increase in global demand during this period.

The world oil sector needs $11 trillion in investment to meet future demand by 2040," Barkindo said, predicting a default in 2019.

OPEC member-states and non-OPEC oil producing nations entered into an agreement on the reduction of oil production in late 2016.

According to the agreement, the parties have to cut production by a total of 1.8 million bpd in comparison with the level of October 2016. 
 
Saudi Arabia and Russia had the biggest cutbacks of 486,000 bpd and 300,000 bpd, respectively, TASS reported.
Last Modified: Wednesday، 17 October 2018 01:40 AM
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