World oil consumption will reach 100 million barrels per day (bpd) later this year, hitting that level much sooner than previously forecast, OPEC’s secretary-general said on Wednesday.

Mohammad Barkindo also told an energy conference in South Africa’s Cape Town that a stable environment was needed to encourage oil industry investment to meet the rising demand. OPEC with Russia and other producers have implemented a deal since January 2017 on cutting 1.8 million bpd from output to prop up prices that fell below $30 a barrel in 2016 from over $100 in 2014.

On Wednesday, benchmark Brent was trading at just below $78. Barkindo also told reporters at the conference that global trade disputes could hurt energy demand in future, although he said he was hopeful the uncertainty would lift soon. U.S. President Donald Trump’s tariff threats against China, the world’s second-biggest economic power, have caused jitters in markets across the world.

Source: Reuters