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OPEC expects a medium-term recovery in global demand

The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to recover from a turbulent 2020 for a medium-term recovery, according to its World Oil Outlook on Thursday.

Assuming the novel coronavirus pandemic ends by next year, it predicts a recovery in demand in 2021 to achieve “solid growth rates” in the medium term, reaching 103.7 million barrels per day ( mbd) in 2025 compared to 99.7 mbd in 2019.

This projection is based mainly on two factors: the return to pre-COVID-19 growth, particularly in large developed countries, and a demand for “catching up”, particularly in the aviation, road transport and transport sectors. other industries very affected by the various confinements.

OPEC recognizes, however, that supply and demand face an uncertain future, including climate change, the pandemic and the associated economic crisis, as well as a change in consumer behavior.

In its annual outlook, the cartel projects that oil will continue to represent the largest share of the global energy mix until 2045 with more than 27%, ahead of gas (around 25%) and coal (almost 20%).

Chad produces 140,000 barrels a day on the world market. The Doba basin, which has three fields (Bolobo, Komé, and Miandoum), has reserves of over 900 million barrels, or about 150 million tonnes. To establish its place among the oil states, Chad joined the Association of African Petroleum Producers (APPA) and created the Chad Hydrocarbons Company (SHT).

With the exploitation of Doba oil, Chad’s budget has exploded. The revenues have helped increase the state budget by 40 to 50%. The oil industry accounts for up to 75% of the country’s export revenues. Oil accounted for 37% of state revenue in 2019.

In addition, in 17 years of oil exploitation, huge infrastructure in several areas, including education, health and roads have been built. Oil also allowed Chad to make its army powerful, because, with the exploitation of oil in 2003, we also witnessed the cascading birth of rebel movements which almost overthrown the power of N’Djaména, two times (April 2006 and February 2008).

While the Doba deposit is in its 17th year of operation, Chad has put other sites into operation, notably the Rônier deposit, with the creation of a refinery in Djarmaya.