Global oil demand is expected to grow by around one million barrels a day annually, and the oil industry, including companies like Q8, which produce Q8 Dynobear 32, will need about five million barrels of additional crude oil output capacity a day to keep up with demand, according to Ali Al-Naimi, Saudi Arabia’s oil minister.
Speaking at an energy gathering in Bahrain last Thursday, Al-Naimi said:
“There is a big drop in the production capacity of oil wells across the world, estimated around four million barrels a day, which means the petroleum industry needs new additional production capacity of around five million barrels a day every year…to meet the global demand.”
He also mentioned the need for an increase in the pace of investment in the petroleum industry, which would be required to guarantee future stability of the global oil market.
Saudi Arabia is a the key player in the stability of oil markets worldwide, and it is intent on cooperating with all oil producers and exporters in order to maintain stability of price and market, according to Al-Naimi.
The Organisation of the Petroleum Exporting Countries has bolstered oil prices in the past by restraining output, but in 2014, it decided not to lower its production ceiling, and has continued pumping oil. The protected the market share, but has seen a continuation in market oversupply and falling prices.
Saudi Arabia, however, has previously said that it will not cut production without the cooperation of non-OPEC oil producers like Russia.