Don't mention the oil price - US legal threat prompts change at OPECNaija247news

India is the world’s third biggest oil consumer and importer

India is the world’s third biggest oil consumer and importer

Brent crude LCOc1 last week reached Dollars 86.74, the highest since 2014.

Global oil demand is expected to increase by 14.5 million bpd from 2017 to 111.7 million bpd in 2040, OPEC said in its latest report, issued in September. "From 2014 to 2016, world oil supply growth outpaced that of oil demand, with world oil supply growing by 5.8 mb/d, while world oil demand increased by 4.3 mb/d", he said.

The increase of oil production in the second quarter occurred mainly in the member States of OPEC - during this period, the cartel increased its production volume by 500 thousand barrels per day, while US production has increased by 400 thousand According to the report, biofuel production has also increased by 300 thousand barrels per day compared to the previous quarter. He added that the global oil sector needed $11 trillion in investment to meet future demand by 2040.

But presumably in show created to reinforce its image as a responsible participant in the global energy sector, Alexander Novak, energy minister for Russian Federation, discussed the oil output cap agreed between OPEC and non-OPEC countries with his Iranian counterpart Bijan Zanganeh, at a meeting in Moscow; his ministry said they spoke about the possibility of further oil output regulation but declined to give any details.

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Oil cartel OPEC and allies haven't yet kept their promise of raising oil output by one million barrels a day, oil minister Dharmendra Pradhan said, but didn't blame supply scarcity for recent crude price trend.

OPEC warns of a shrinking oil surplus.

The weaker outlook comes as pressure is increasing on the OPEC and its allies to pump more to offset the impact of looming US sanctions on Iran and Venezuela's collapsing oil industry.

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