EU, OPEC back stable global oil market

EU, OPEC back stable global oil market

The European Union (EU) and the Organisation of Petroleum Exporting Countries (OPEC) have pledged their support to ensure a stable global oil market. After a joint roundtable tagged: “Prospective for Future Production of Non-Crude Liquids”, held in Brussels, Belgium, the two groups agreed that in the light of  current challenges in the energy markets, ongoing dialogues of this nature would continue to be of great importance. Both parties agreed that a stable and orderly energy market is essential for both producers and consumers, and a pre-requisite for achieving sustained world economic growth.

The roundtable provided an outlook of the production levels of non-crude liquids around the world from 2000 to 2015. It outlined projected long-term supply estimates to 2040, using three different scenarios to enable a more detailed assessment of the potential outcomes.

It also focused on non-crude liquids, which include natural gas liquids, biofuels and fuels derived from gas-to-liquids and coal-to-liquids processes. Based on the findings of the study, natural gas liquids (NGLs) and biofuels are expected to make up the majority of non-crude liquids supply in the long term, while gas-to-liquids and coal-to-liquids will most likely play a lesser role. Read more

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