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Kuwait: OPEC+ expects surplus of 1 mln barrels per day by 2019

Published: Updated:

Haitham al-Ghais, OPEC’s governor for Kuwait, revealed the organization’s expectations for the production of the countries outside the alliance next year and predicted that 60 percent would come from the United States.

In his interview with Al Arabiya, al- Ghais said that the production of the countries outside OPEC is expected to grow by 2.2 million barrels a day, 60 percent of which will come from America, the biggest percentage of which would come from shale oil. It would not only be limited to the US but also other countries like as Canada, Brazil, Kazakhstan and other countries, according to him.

Al-Ghais, speaking to Al Arabiya from the sidelines of the ADIPEC exhibition in Abu Dhabi, said he believes that there many may factors that could increase oil demand – including trade war – while some countries affected by high prices and the exchange rate of their currencies against the dollar.

He highlighted that though it is difficult to determine the size of the surplus expected in 2019; the preliminary indications indicate a surplus between half a million and a million barrels a day next year.

However, he asserted that OPEC and its partners “are assured of the continuous increase of demand”, indicating that the major increase of oil demand would be from the emerging economies such as China, India, Vietnam and other Asian countries.

On the other hand, the Kuwaiti denied any difference in opinion between Russia and OPEC. On the contrary, he believes that they agree “this was proven to the market during the past two years and was implemented into an agreement to reduce production”.

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