{"id":17919,"date":"2018-02-22T07:52:00","date_gmt":"2018-02-22T07:52:00","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=17919"},"modified":"2018-02-22T08:18:05","modified_gmt":"2018-02-22T08:18:05","slug":"oil-and-gas-will-provide-half-worlds-energy-needs-in-2040-while-demand-will-increase-by-35","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=17919","title":{"rendered":"OIL AND GAS WILL PROVIDE HALF WORLD&#8217;S ENERGY NEEDS IN 2040, WHILE DEMAND WILL INCREASE BY 35%,"},"content":{"rendered":"<p><code><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/code><\/p>\n<p>&nbsp;<\/p>\n<div data-contents=\"true\">\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"dr2cr-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"dr2cr-0-0\"><span data-offset-key=\"dr2cr-0-0\">The Secretary General of the Organisation of Petroleum Exporting Countries, (OPEC), Mohammed Barkindo has said Oil and gas together are still expected to provide more than half of the world\u2019s energy needs from 2016 to 2040.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"bprf6-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"bprf6-0-0\"><span data-offset-key=\"bprf6-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"4hrq3-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"4hrq3-0-0\"><span data-offset-key=\"4hrq3-0-0\">He made this statement at the Nigerian International Petroleum Summit, (NIPS) in Abuja<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"74g5q-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"74g5q-0-0\"><span data-offset-key=\"74g5q-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"4tilc-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"4tilc-0-0\"><span data-offset-key=\"4tilc-0-0\">According to him, global energy demand is expected to increase by 35 per cent in the reported period adding that the majority of this rising demand will come from developing countries, increasing by almost 24 mb\/d, to reach 67 mb\/d by 2040.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"2s88d-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"2s88d-0-0\"><span data-offset-key=\"2s88d-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"4t5o9-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"4t5o9-0-0\"><span data-offset-key=\"4t5o9-0-0\">Speaking further, Barkindo said to meet the projected increase in global oil demand, investments worth an estimated $10.5 trillion will be required. This he says underscores the absolute necessity of a sustainable and stable oil market, conducive to encouraging the type of long-cycle investments necessary to prevent supply gaps in the future.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"4kfnd-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"4kfnd-0-0\"><span data-offset-key=\"4kfnd-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"83j80-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"83j80-0-0\"><span data-offset-key=\"83j80-0-0\">He described the Declaration of Cooperation as one of the most innovative enterprises ever known in the history of oil which he said was as a response \u201cto an unprecedented market turbulence which had a devastating effect on our industry.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"4ue9v-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"4ue9v-0-0\"><span data-offset-key=\"4ue9v-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"7514j-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"7514j-0-0\"><span data-offset-key=\"7514j-0-0\">\u201cWe should note at this point, that price cycles are not new in the history of oil: indeed, in its research on price cycles, OPEC has identified six since the early 1970s.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"gh9c-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"gh9c-0-0\"><span data-offset-key=\"gh9c-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"doh61-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"doh61-0-0\"><span data-offset-key=\"doh61-0-0\">\u201cThis current price cycle should be considered unique for several reasons. Firstly, it is the most overwhelmingly supply-driven of all the cycles we assessed in this exercise. Secondly, the magnitude of the price drop is the highest in real terms.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"98o2h-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"98o2h-0-0\"><span data-offset-key=\"98o2h-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"3ivfm-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"3ivfm-0-0\"><span data-offset-key=\"3ivfm-0-0\">\u201cThirdly, the recent oil price drop has been considerably sharper than the decline in prices for other commodities, which is in stark contrast to the oil price collapse of1985-1986, when all commodity prices declined in a similarly steep manner. And finally, the downward cycle had equally negative ramifications for consumer countries in the OECD.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"dvr-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"dvr-0-0\"><span data-offset-key=\"dvr-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"79fb4-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"79fb4-0-0\"><span data-offset-key=\"79fb4-0-0\">\u201cThe multiplier effects of this cycle were reflected in the deflationary pressures experienced by these countries.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"cqcja-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"cqcja-0-0\"><span data-offset-key=\"cqcja-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"bmhls-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"bmhls-0-0\"><span data-offset-key=\"bmhls-0-0\">From 2014 to 2016, world oil supply growth outpaced that of oil demand, withworld oil supply growing by 5.5 mb\/d, while world oil demand increased by 4.1 mb\/d.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"4a8mn-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"4a8mn-0-0\"><span data-offset-key=\"4a8mn-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"dm79o-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"dm79o-0-0\"><span data-offset-key=\"dm79o-0-0\">By July 2016, OECD commercial stock levels reached a record high of about 386 mb over the five-year average. The OPEC Reference Basket price fell by an extraordinary 80 per cent between June 2014 and January 2016.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"3pjj8-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"3pjj8-0-0\"><span data-offset-key=\"3pjj8-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"6b7vp-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"6b7vp-0-0\"><span data-offset-key=\"6b7vp-0-0\">\u201cInvestments were choked-off, with exploration and production spending falling by an enormous 27 per cent in both 2015 and 2016. Additionally, nearly one trillion dollars in investments were frozen or discontinued, and many thousands of high quality jobs were lost. A record number of companies in our industry filed for bankruptcy,\u201d he said.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"5cgm7-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"5cgm7-0-0\"><span data-offset-key=\"5cgm7-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"ahkqp-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"ahkqp-0-0\"><span data-offset-key=\"ahkqp-0-0\">He therefore said OPEC remains fully engaged and supportive of the Paris Agreement.<\/span><\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<div data-contents=\"true\">\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"dr2cr-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"dr2cr-0-0\"><span data-offset-key=\"dr2cr-0-0\">In his words, \u201cWe firmly believe that a global consensus from the multilateral process remains the best and most inclusive way for all nations to collectively counter climate change in a fair and equitable manner.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"2ejbb-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"2ejbb-0-0\"><span data-offset-key=\"2ejbb-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"8j5e9-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"8j5e9-0-0\"><span data-offset-key=\"8j5e9-0-0\">The world will continue to need all energy sources, especially for the 1.1 billion people in developing countries that have no access to electricity and the 2.3 billion deprived of commercial energy.<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"aogi8-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"aogi8-0-0\"><span data-offset-key=\"aogi8-0-0\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\" data-block=\"true\" data-editor=\"2f6se\" data-offset-key=\"db2a6-0-0\">\n<div class=\"_1mf _1mj\" data-offset-key=\"db2a6-0-0\"><span data-offset-key=\"db2a6-0-0\">Therefore, rather than discriminate against any energy source, it is vital that we collectively develop and adopt technologies, as well as all-inclusive energy policies, that transform the environmental credentials of all energies, including the1.5 trillion barrels of proven reserves which currently exist,\u201d he added.<\/span><\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2018\/02\/OIL-AND-GAS.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17920\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2018\/02\/OIL-AND-GAS.jpg\" alt=\"\" width=\"676\" height=\"523\" srcset=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2018\/02\/OIL-AND-GAS.jpg 676w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2018\/02\/OIL-AND-GAS-300x232.jpg 300w\" sizes=\"auto, (max-width: 676px) 100vw, 676px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The Secretary General of the Organisation of Petroleum Exporting Countries, (OPEC), Mohammed Barkindo has said Oil and gas together are still expected to provide more than half of the world\u2019s energy needs from 2016 to 2040. \u00a0 He made this statement at the Nigerian International Petroleum Summit, (NIPS) in Abuja \u00a0 According to him, [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":17920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[4513,1272],"class_list":["post-17919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-mohammed-barkindo","tag-opec"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2018\/02\/OIL-AND-GAS.jpg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-4F1","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/17919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17919"}],"version-history":[{"count":2,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/17919\/revisions"}],"predecessor-version":[{"id":17926,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/17919\/revisions\/17926"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/17920"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17919"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}