WATCH VIDEO: “We’re shocked about oil price demand in 2017”-Mubadala
Mubadala Investment Petroleum CEO Musabbeh Al Kaabi weighs in on the price and production of oil, and talks about OPEC. He speaks on “Bloomberg Markets: Middle East.”
Al Kaabi sai that the completion of the merger with Abu Dhabi’s International Petroleum Investment Company (IPIC) has created the first Abu Dhabi integrated merger of oil & gas, that is very active in upstream, mid and downstream markets.
The company is an active global player in the Pet|Chem industry where the company is focusing attention now.
With a 0.5 million barrel per day upstream production and 1.4 million barrels downstream, mubadala is one of the largest independent producers and in a strong position to offer views on future oil prices.
“We see a long term balance between demand and supply, especailly after OPEC and non-OPEC agreements,” Al Kaabi said.
“The long term for oil is bullish, especially that oil demand for 2017, which we expected to be in the 1.4 million barrels is surprisingly now in the 1.6 million barrels per day extra,” he added.