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2025-11-03 19:28:31
[BP and Total CEOs Speak Out: Non-OPEC+ Supply Growth to Reverse, India to Become New Demand Engine] ⑴ BP CEO Murray Auchincloss predicted at the Abu Dhabi Energy Conference on Monday that non-OPEC+ oil-producing countries' supply growth may peak between February and April next year, subsequently leveling off or declining. ⑵ He pointed out that future oil price trends will depend on three key factors: OPEC+ production decisions, China's strategic reserve behavior, and the suppressive effect of the current severe sanctions environment on supply. ⑶ Despite short-term uncertainties, Auchincloss remains optimistic about long-term demand, based on demand growth in the aviation and petrochemical sectors, and emphasized the need to increase investment in Abu Dhabi, Iraq, and Libya to meet future demand. ⑷ Total CEO Patrick Pouyanne revealed at the same forum that global oil demand is growing steadily at a rate of about 1% per year, but the growth structure is changing significantly. ⑸ Both CEOs emphasized the need for continued investment in the industry. Pouyanne specifically warned that if the low-price environment leads to insufficient investment, coupled with reduced OPEC+ spare capacity, there may be a risk of another price surge in the future.
