APPEC: OPEC Seeks Firmer Ties In Demand-Thirsty Asia, Amid Growing Competition

APPEC: OPEC Seeks Firmer Ties In Demand-Thirsty Asia, Amid Growing Competition

With Asia expected to contribute some 70% of global demand growth in the coming years, OPEC Secretary General Mohammed Barkindo on Monday said his organization welcomes more opportunities to engage with buyers from the region.

In a recorded video address to the APPEC conference in Singapore, Barkindo projected that crude exports from the Middle East to Asia would rise from 14.5 million b/d in 2016 to 22 million b/d in 2040.

“Expansion at these levels from the fast-growing economies in Asia will require supplies from all producing regions and OPEC member countries will surely play an important part in helping meet these increasing needs,” he said from the OPEC secretariat in Vienna. “For the foreseeable future, we can count on the Asia-Pacific [region] to be the primary outlet for OPEC and Middle Eastern export barrels.”  Read More…

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