Business

OPEC Secretary Is Worried About The Trade War Effects On Oil Industry

In a recent interview given by the OPEC Secretary General Mohammed Barkindo, said he is optimistic about the target which OPEC wants to achieve in 2019 also they will achieve it by the end of the year. Barkindo further mentioned that they are concerned about the significant problem which might be happening in the oil import business of the trade dispute. Due to the financial crisis, the oil industry had to face lots of troubles to get out of that situation and now if the trade dispute between China and the US continues then that situation might happen again. As of now, China is the largest oil importer in the world, and soon India is going to overtake China in terms of the largest consumer of oil by 2024.

However, due to trade issues, the tariff rates have been increased by both the countries which have affected on oil industry since the demand for oil from China has decreased. Barkindo thinks that both countries need to think about the negative aspects of this trade war because the global stock market is not performing well because of these two big nations fight. China has already decided to set a slow growth rate in 2019 which majorly because of the lack of trading opportunities at the global market and since many other nations also depend upon China, it will affect them too.

The Asian Development bank at the end of the last year predicted an excellent growth rate for the Asian market, but they have also warned about the problem which trade disputes could create for Asian countries. However, despite such type of stressful situations, OPEC secretary is positive about the demand for oil in 2019.

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