The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has assured that the Organisation of the Petroleum Exporting Countries, OPEC, will continue to work to achieve consensus for output freeze among oil producers.
Â Addressing newsmen after the protracted meeting of OPEC and non-OPEC oil producers held under the aegis of Oil-Producing Countries Ministerial Meeting in Doha, Qatar, Kachikwu stressed that OPEC must work at achieving a workable consensus on the issue by bringing everybody on the negotiating table.
Â “We are just going to work at it. It is a supply and demand issue and we need to consult and bring everybody into the circle and thank God that a committee is now in place to try and work towards getting everybody on board,â€™â€™ Kachikwu said.
Â The Minister noted that once every member country of OPEC is brought on board, it would become easier to convince other major oil producers to sign-up to the freeze policy which is designed to remedy lingering decline in the price of crude oil in the international market.
The meeting had 18 countries in attendance namely: Qatar, Kuwait, Oman, Saudi Arabia, Nigeria, Russia, Mexico, Ecuador, Trinidad and Tobago, Iraq, Mexico, Azerbaijan, Kazakhstan, Angola, Bahrain, Indonesia, Venezuela and United Arab Emirates.
Â It is expected that the consensus issue been canvassed by Kachikwu will be pursued vigorously in the next OPEC Ministerial Meeting slated for June, 2016 in Vienna, Austria.
Meanwhile, OPEC maintained that world economic growth is forecast at 3.1per cent in 2016, after estimated growth of 2.9per cent last year, both unchanged from the previous month.
It maintained that OECD growth in 2016 remains at 1.9per cent, slightly below the 2.0per cent seen in 2015.
The cartel noted that in the emerging economies, China and India continue to expand this year at 6.3per cent and 7.5per cent, respectively, unchanged from the previous report.
It observed that Brazil is forecast to move further into recession this year, contracting by 2.9per cent, while the contraction in Russiaâ€™s economy is unchanged at 1.1per cent.
The organisation said the world oil demand is expected to grow by 1.54 mb/d in 2015, unchanged from the previous report, to average 92.98 mb/d.
It noted that for 2016, global oil demand growth is anticipated to be around 1.20 mb/d, representing a minor downward revision of 50 tb/d from previous expectations, mainly reflecting the slower economic momentum in Latin America.
â€œTotal consumption is projected to reach 94.18 mb/d in 2016. Non-OPEC supply growth in 2015 has been revised up slightly to stand at 1.46 mb/d to average 57.13 mb/d. In 2016, the expected contraction in non-OPEC oil supply will be slightly more than forecast, with output falling by 0.73 mb/d to average 56.39 mb/d.
â€œOPEC NGL production is expected to grow by 0.17 mb/d in 2016, up from 0.15 mb/d last year, unchanged from the previous report. In March, OPEC crude production increased by 15 tb/d to average 32.25 mb/d, according to secondary sources. Product markets in the US were supported by strong domestic gasoline demand fueled by the switch to summer grade gasoline, which allowed refinery margins to remain healthy.â€