OPEC ready to strengthen co-op with Turkmenistan

Turkmenistan Materials 27 October 2021 16:59 (UTC +04:00)
OPEC ready to strengthen co-op with Turkmenistan

BAKU, Azerbaijan, Oct. 27

By Farida Nuri - Trend:

The Organization of Petroleum Exporting Countries (OPEC) is ready to strengthen relations with Turkmenistan on a number of issues of mutual interest, primarily in the field of ensuring sustainable stability in the international oil market, OPEC Secretary General Mohammed Sanusi Barkindo said in his video message to the participants of the 26th International Conference "Oil and Gas of Turkmenistan" (OGT-2021), Trend reports citing ORIENT news agency.

According to Barkindo, there is great potential in the relations between OPEC and Turkmenistan. He said that since gaining independence, Turkmenistan has achieved high results thanks to the rapid growth of the economy, noting that the oil and gas industry has played an important role in this economic achievement.

Speaking about the future of energy, the OPEC Secretary General said that according to forecasts, the oil will retain its dominant place in the energy balance. It is expected to continue to supply 28 percent of the world's energy needs by 2045.

He also noted that global oil demand is projected to reach 108.2 million barrels per day by 2045, up from 90.6 million barrels per day in 2020. At the same time, gas demand will increase by 21.6 million barrels of oil equivalent per day from 2020 to 2045.

“This will lead to the fact that the total demand for gas in 2045 will reach 85.7 million barrels of oil equivalent per day, that is, it will become the second-largest fuel in the structure of energy consumption,” Barkindo said.

OPEC is a permanent intergovernmental organization of 13 developing oil exporting countries that coordinates and unites the oil policies of its member countries. It was founded at the Baghdad Conference September 10-14, 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.