Algeria anticipates retreat of world demand on oil by 1.4 million bpd

ALGIERS, March 9 (KUNA) — Algerian Minister of Energy and Mines and current president of the Organization of Petroleum Exporting Countries (OPEC), Chakib Khalil on Sunday anticipated that the world demand on oil would decline by 1.4 million barrels per day (bpd) starting from the second quarter of this year, while the current production of the Organization stands at 29.6 million bpd.

Khalil said in a statement to reporters that the motive behind the decision to maintain the organization’s current level of oil production is the possibility of a retreat of the global demand on crude during the second quarter of this year, in addition to the abundance of existing stockpile of many consumer countries.


He believed that the current production and oil stockpile in many consuming countries were sufficient to cover the needs of the market for five years.

“Had we decided to increase production in light of all these facts, the result of this decision on prices is known in advance,” he added.

KUNA