OPEC head Badri out with comments over the wires earlier from the IEF website
oil-related investment requirements between now and 2040 are estimated at $10trln
wave of project cancellations across the oil industry can sow seeds of future instability
Asian oil demand rising to almost 46mln bpd by 2040, up by almost 16mln bpd from 2015
UAE oil minister Novak also with comments
- UAE optimistic about a "gradual correction" on oil prices in 2016AE is going ahead with planned projects to increase crude production
- UAE committed to fill any gaps that may occur in global oil markets
- market will determine oil price
- any prediction in large swings in coming period is "unrealistic"
The Saudi oil minister sees a clear trend of oil demand growth:
- Asia is key to this growth
- levels of demand will soon reflect attractiveness of current prices
- consumers want stability of prices, not high or low prices
The Russian energy minister has also been speaking:
- oil price volatility caused in large part by insufficient dialogue, co-ordination between producers, consumers
- energy provision is becoming a buyers market, disorienting for investors
- underinvestment globally may bring oil output fall, energy shortages, abrupt price rise
The debate and uncertainty continue
Oil on a roller coaster ride still
