Middle East crude exports to Asia are expected to grow to 20 million barrels per day by 2040, because of increasing refinery capacity in the region and demand growth led by China and India, OPEC’s secretary general said on Monday.
“Crude exports from the Middle East to the Asia-Pacific region are forecast to increase by more than 5 million barrels a day between 2018 and 2040, rising to 20 million barrels a day by 2040,” Mohammad Barkindo, Secretary General for the Organization of the Petroleum Exporting Countries said via a video message at the Asia Pacific Petroleum Conference (APPEC) in Singapore.
“Thus the Asia-Pacific region will be the primary outlet for OPEC … over the long term,” he added.
In terms of the current oil market situation, Barkindo said the market is experiencing “a certain measure of uncertainty”.
“Looking ahead, OPEC and our non-OPEC partners will continue down this path of market stabilization until we reach our common goal of a healthy, growing and sustainable global oil market,” he said.
OPEC and some non-members including Russia have limited their oil output by 1.2 million barrels per day since the start of the year in a bid to prop up prices.