The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday called on oil production companies to increase their investment capacity to meet demand in the future, while shrinking the capacity of surplus oil production globally.
"Countries with spare capacity are shrinking now because of the lack of investment in exploration," said FAO Secretary-General Mohamed Barkindwa on the sidelines of the ICS Sera conference.
"The world oil sector needs about $ 11 trillion in investment to meet oil needs in the period up to 2040," Barkindwa was quoted as saying. "Import-dependent countries such as India are concerned about the future of oil supplies."
OPEC said in its September report that it expects global demand for oil to rise to 14.5 million bpd from 2017 to 111.7 million bpd in 2040.
The Secretary-General of the Organization, said that the oil markets have sufficient supplies and balanced currently, but warned of possible imbalance in 2019 due to oversupply.
He added: "We will continue to work to ensure that the balance we achieved after four years will continue in the future."
Opec members and non-OPEC members involved in the cut-off deal are meeting the level of commitment to production cuts to 100 percent, he said.
