3.13 PM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

Opec's output may hit 8mbd

Published
By WAM

"Opec's efforts will help satisfy demand for Opec crude and provide a comfortable cushion of spare capacity, estimated to approach a level of 8 mb/d over the medium-term, Abdullah Al Badri, Secretary General, wrote in an introduction to Opec's 287-page annual report published on Tuesday.

The oil market has quickly adjusted to and been able to rapidly mitigate the market disturbances resulting from this year's challenges such as the triple disaster that struck Japan in March, in the form of an earthquake, tsunami and nuclear catastrophe and the developments in parts of North Africa and the Middle East led to an interruption in the supply of high-quality crude, according to Al Badri.

"Once again, this demonstrates the resilience of oil markets, and the fact that oil is a reliable source of energy 2 for meeting the world's energy needs. In this regard, the positive role that OPEC plays has again been amply demonstrated," Al Badri added.

"This year's WOO (World Oil Outlook) highlights that Opec's role will be even more important in the future. Its Member Countries' daily efforts to provide adequate petroleum supplies to the market, coupled with the huge investments being made to maintain existing fields and infrastructure, develop new capacity, build pipelines and terminals, construct refineries and expand sea transportation fleets, are illustrations of the Organisation's commitment to the market and consumers, Al Badri said.