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. Brent crude LCOc1 last week reached Dollars 86.74, the highest since 2014.
Barkindo, who spoke at the IHS CERA conference urged producers and companies to increase their production capacities and invest more to meet current demand.
The global oil sector needs about $11 trillion in investment to meet future oil needs in the period up to 2040, Barkindo said, adding that import-dependent countries such as India were concerned about future oil supply.
Speaking at the India Energy Forum by CERAWeek, Barkindo said, "Our current view is that the market is now adequately supplied and well balanced".
We will continue to ensure that the balance that we have attained after four years will be sustained going forward, he said.
Reuters reported that OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group's secretary-general said, suggesting producers are in no rush to expand a June agreement that raises output.
Russian Federation seems to be less concerned than Barkindo about the state of the crude market: on Tuesday Vadim Yakovlev, deputy chief executive for Gazprom Neft, said that his company's production has returned to record levels of 2016 before the former Soviet Union entered into the deal with OPEC to reduce output from the start of 2017.
OPEC warns of a shrinking oil surplus. In afternoon trading on 16 October, the price of a barrel reached $ 80,14.