OPEC will continue to adjust its oil supply, he said.

Milan (Reuters) – The Organization of Petroleum Exporting Countries (OPEC) said on Saturday that it would continue to adjust its supply to the oil market.

“We will continue to do what we know we can to achieve lasting stability in the oil market,” said Mohamed Barcindino in a speech at the Italian think tank ISPI.

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 after US Despite fears that the release of crude oil and the new Omicron Coronavirus variant will put new pressure on prices, partners are sticking to their monthly oil production policy.

Barcindo said oil production is currently estimated at 5.7 million barrels per day. “We expect another 4.2 million in 2022,” he said.

He said the uncertainty and volatility in the market was not due to external factors such as the ongoing Covenant epidemic and not necessarily oil and gas.

He said that by 2022, the consumption level is returning to pre-Kovid levels.

Barcindo predicts that by 2045 or by the middle of the century, it will cover more than 50% of the world’s oil and gas reserves.

Citing the Glasgow Climate Conference, he said: Unprecedented turmoil in the energy markets.

“Oil and gas are needed in the future.”

(Reporting by Stephen Joaks, edited by David Clark and Jane Maryman)

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