MILAN, Dec. 4 (Reuters) – The Organization of the Petroleum Exporting Countries (OPEC) will continue to make supply adjustments for the oil market, OPEC’s secretary general said on Saturday.

“We will continue to do what we know best to ensure the stability of the oil market on a sustainable basis,” Mohammad Barkindo said during a webinar hosted by the Italian think tank ISPI.

Oil prices fell on Thursday after OPEC and its allies stuck with their current policy of increasing monthly oil production despite fears that a release of U.S. crude reserves and the new variant of the coronavirus Omicron is exerting further pressure on prices. Read more

Barkindo said that in terms of oil demand, the estimate at the moment was of growth of 5.7 million barrels per day. “In 2022, we expect an additional 4.2 million,” he said.

He said the uncertainty and volatility in the markets was also due to external factors such as the ongoing Covid pandemic and not necessarily oil and gas fundamentals.

“Now we are on the verge of bringing the level of consumption back in 2022 to pre-COVID levels,” he said.

Barkindo said forecasts predicted that oil and gas will account for more than 50% of the global energy mix by 2045 or even until the middle of the century.

“In all the statements we have had from Glasgow, we have yet to see any concrete roadmap or plan on how to replace that 50% … without creating unprecedented turbulence in the energy markets,” he said, referring to the Glasgow climate conference.

“Oil and gas will be needed for the foreseeable future.”

Reporting by Stephen Jewkes; Editing by David Clarke and Jane Merriman

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