Secretary-general of the Organization of the Petroleum Exporting Countries Abdullah Salem el-Badri told an oil industry conference in Kuwait that he is confident in a more balanced oil market next year. From his viewpoint, demand for oil is set to grow in the near future amid a drop in supplies from non-OPEC countries. On the other hand, the top official admitted that the global oil market is still suffering from the glut and oil inventories have been above their 5-year average.
“I remain confident that our industry's best days are yet to come," the OPEC Chair noted. According to his estimates, global demand for oil will rise to 100 million barrels per day by 2040. The OPEC survey reads that nowadays global oil output totals 75 million bpd.
At the same event, Mohammad Ghazi Al-Mutairi, chief executive officer of state-run Kuwait National Petroleum Co., predicted that the gap in crude oil supply and demand is due to close in Q3 2016.
