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OPEC says Nigeria may not benefit from global energy demand rise unless…

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U.S. to sue OPEC as worries over $100pb oil prices mount

Even though global energy demand is expected to rise in 2017, Nigeria may not benefit from it except the country takes certain steps to ensure otherwise.

The Organisation of petroleum Exporting Countries (OPEC) has advices that the Nigerian government carry out a number of policy reviews including finding a lasting solution to the crisis engulfing the Niger Delta region, to be part of the emerging global energy trend.

While savouring a report by an international agency, the Energy Monitors, which projected that global energy consumption will from 2017 maintain a rapid rise to 2027, the oil cartel said there was an urgent need to advise most of its members not to miss the opportunity of regaining all lost grounds.

OPEC specifically called on Nigeria to urgently take positive steps that will see it reduce negative developments capable of undermining growth in the oil sector for the period in the country.

The group recalled that Nigeria had suffered more losses than any other country that has been affected by security challenges, citing Libya, which was exempted from the current oil production output cuts as an example of a member-country already finding solution to its security challenges.

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“Nigeria has to work harder to tap from the renewed hope of recovering from the past losses, if it can ensure that peace will return in the country for oil majors and other interest groups to be fully back to business”, OPEC stated.

An OPEC spokesman and Venezuela oil Minister, Rafel Dario, told international media that the organization had received the Global Energy Monitor’s report projections stating that demands for oil will rise by more than 60 per cent in the next 10 years as cheering news.

He said there would be more collective efforts by all stakeholders, especially the oil producing nations to tap maximally from the survey.

On how to ensure sustenance of the forecast, he said a few things must have to be put right by OPEC.

Hear him: “All member-countries are expected to avoid anything capable of returning us to the errors of the past, which saw the market being over loaded with crude, meaning that the cut in output will be monitored very closely.

“Our concern is to see that our member countries with some internal crises will find solution to them, as soon as possible.

The Energy Monitor in its report said that a total global primary energy demand will rise by 60 per cent, amounting to consuming about 118.5 million barrels of oil per day from the present 96.5 million per day .

It also estimated that more than 50 per cent of energy consumption wil be recorded from the developing economies, as most of them will witness growth in industrialisation in the next decade from 2017.

 

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