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6/2/2016, 4:09 PM (Source: TeleTrader)
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OPEC has no concerns on demand

The upward trend in the oil market is likely to continue and currently there is a solid demand from emerging economies, Mohammed Bin Saleh Al-Sada, President of the Organization of the Petroleum Exporting Countries (OPEC) conference and Qatar’s oil minister, said on Thursday in Vienna.

When asked if the organization had any concerns about China’s slowdown, which is the largest emerging economy and a large buyer of OPEC oil, Al-Sada said the cartel is looking at the global supply and demand. He agreed there’s a drop in China but pointed to increases happening in other emerging markets. Al-Sada emphasized the incremental demand this year is 1.2% higher than last year, so “the increase in demand is happening and is likely to continue.”

Acting secretary general, HE Abdalla S. El-Badri, also pointed to the shift in demand in other emerging countries, specifically India. He concluded his last conference as secretary general by saying, “Don’t take the notion that OPEC is dead”.

 

Image: EPA / Herbert Pfarrhofer

Breaking the News / VP