The international oil market is now enjoying a new lease of life after a prolonged period of uncertainty. Mohammad Barkindo, secretary-general, of the Oraganisation of Petroluem Exporting Countries, OPEC, predicted recently that global oil demand will reach 109 million by 2040.
He gave the indication at the recently held Nigeria Oil & Gas conference in Abuja. “There is no doubt that oil will remain a fuel of choice for the foreseeable future.”
According to him, by 2040, oil and gas would still satisfy 53 per cent of the total primary energy demand.
Makindo also said furing a courtesy visit to Yemi Osinbajo, vice president, that recent data confirmed that the OPEC-11 achieved a conformity level of 94 per cent last January, while  with participating non-OPEC producing countries, the conformity level stood at 86 per cent.  He added that all 24 countries were committed to the process and were confident of further improvements to reach the full and timely conformity of the decisions taken.
He said the development was positively impacting the market as seen by the onset of a more bullish sentiment among oil investors and the global oil industry, as well as a welcome spillover effect to the global economy with improved performance in some key industrialised countries. “These positive indicators are leading to better short and medium-term perspectives for the market, in particular for investment,” he said.