PHOTO: As OPEC awaits their new ‘chairman’, Mr. Barkindo warns Investment in the sector, must increase in 2017, after losing $1trn

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The economic downturn that hits the OPEC group, due to the sharp and consistent drop in the price of crude in the international market...

 ...This has led to the call by the Secretary General of the organisation,Mr. Sanusi Barkindo, for members to make sure Investment in the sector for the new year increases, so as to avoid the mistakes of previous years...
Mr. Sanusi Barkindo who is a Nigerian and former NNPC GMD, and a likely Chairman in waiting, while giving a speech on ‘‘The future economy of oil from the Middle East and across OPEC.”
Hints that OPEC lost over $1trillion on investment in both exploration and production, due to the drop in the international price of crude, but optimistic this will not be so in 2017, as demand is expected to grow than expected....
He said:
“It was evident in the last quarter of 2016 that total OECD commercial oil stocks were falling, and it is expected that we will see a further drop during 2017, as a result of these decisions and developments. We will continue to focus on the level of inventory drawdown to bring the level closer to the five-year industry average.
 “These decisions should also mean that prices stabilise at levels that are more conducive to the kind of investments the industry needs, specifically by lessening the financial and operational stresses for companies and reducing the pressure to cancel or postpone planned projects. We believe as the market rebalances the price will find its equilibrium.
“The gravity of the sharp contraction in oil industry investment is underscored in the fact that in both 2015 and 2016 we witnessed a dramatic rationalization of projects.”

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