Global oil demand has increased by 2mbpd in H2 2017 – Barkindo


The Secretary General of the Organisation of Petroleum Exporting Countries, (OPEC) Mohammed Sanusi Barkindo has said that an estimated increase of global oil demand growth of close to 2 million barrels a day has been recorded from the first to the second half of this year, Daily Trust reports.

In a speech delivered at the Reuters Global Commodities 2017 Summit, yesterday in London, Barkindo said the OPEC Secretariat in its most recent Monthly Oil Market Report raised projections for oil demand in both 2017 and 2018. These upward demand revisions are most likely to be an ongoing trend.

Speaking on the fall in the demand and oil prices globally, Barkindo also told the participants that the current cycle has been described by many as the worst they have ever seen in the history of the oil industry.