MILAN, Dec 4 (Reuters) - The Organization of the Petroleum
Exporting Countries (OPEC) will continue with its supply
adjustments for the oil market, the OPEC Secretary General said
"We will continue to do what we know best to ensure we
attain stability in the oil market on a sustainable basis,"
Mohammad Barkindo said in a webinar organized by Italian
Oil prices fell on Thursday https://www.reuters.com/markets/commodities/oil-rises-views-opec-may-pause-supply-addition-amid-omicron-fears-2021-12-02
after OPEC and its allies stuck to their existing policy of
monthly oil output increases despite fears a release from U.S.
crude reserves and the new Omicron coronavirus variant would put
renewed pressure on prices.
Barkindo said in terms of oil demand the estimate at the
moment was for a growth of 5.7 million barrels per day. "In 2022
we expect another 4.2 million," he said.
He said the uncertainty and volatility on the markets was
also due to extraneous factors such as the ongoing Covid
pandemic and not necessarily the fundamentals of oil and gas.
"Now we are on course of returning the level of consumption
in 2022 to pre-COVID levels," he said.
Barkindo said that the forecast was for oil and gas to
account for more than 50% of the global energy mix in 2045 or
even to mid century.
"In all the pronouncements we had from Glasgow we have not
yet seen any concrete road map or plans of how to replace this
50% ... without creating unprecedented turmoil in the energy
markets," he said, referring to the Glasgow climate conference.
"Oil and gas will be needed for the foreseeable future."
(Reporting by Stephen Jewkes; Editing by David Clarke and Jane