Tag: OPEC
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Novak expects oil prices to exceed $80 per barrel and talks about the OPEC+ meeting
Russian Deputy Prime Minister Alexander Novak expected oil prices to exceed $80 a barrel by the end of this year (2023). He said that the current Brent crude prices, which range between 75 and 76 dollars per barrel, reflect the market’s assessment of the global macroeconomic situation, according to the data reviewed by the specialized…
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OPEC officially invites Ecuador to return to its ranks: “a top priority and enormous benefits”
The Organization of the Petroleum Exporting Countries, OPEC, opened its doors to Ecuador, welcoming it back to the ranks of 13 other major black gold producers in the world. The Secretary-General of the organization, Haitham Al-Ghais, issued an official invitation to Ecuador to return to the organization again, after it left more than 3 and…
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OPEC Secretary General: We are ready to save the largest amount of energy while reducing emissions
OPEC Secretary General Haitham Al-Ghais called again to address the lack of investment in the oil sector, noting that there is no one-size-fits-all solution for a sustainable energy future. He explained that the general focus should be on reducing emissions and using all types of fuel; The world will need more energy in the coming…
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Why are oil prices declining despite the voluntary cuts of some OPEC+ countries? Anas Al-Hajji answers
The editorial advisor of the specialized energy platform, energy economist Dr. Anas Al-Hajji, explained the reasons for the decline in crude oil prices during the recent period, which pushed Brent crude into the seventies. Al-Hajji explained, in a new episode of the program “Energy humanitiesHe presented it on Twitter under the title “Oil Market Surprises……
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India’s oil imports from OPEC countries are at an all-time low
India’s oil imports from OPEC countries continue to decline significantly since Russian supplies increased following Moscow’s invasion of Ukraine in February 2022. India’s imports of OPEC oil fell to an all-time low of 46% in April 2023, according to information reported by the energy freight tracker Vortexa and seen by the specialized energy platform. In…
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OPEC warns of the fallacies of the Energy Agency and responds to the truth of its position on oil prices
The Organization of Petroleum Exporting Countries (OPEC) renewed its warnings about the impact of declining investment in the hydrocarbon sector on global energy security. Haitham Al-Ghais, Secretary-General of the Organization, said today, Thursday, that the International Energy Agency should “exercise extreme caution about further attempts to undermine investments in the oil industry.” The Secretary General…
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Declining oil inventories and reducing OPEC + production push oil prices towards $100 (report)
A recent report highlighted the decline in oil inventories after a strong build at the start of 2023, which was likely driven by lower demand in January, given the mild weather and production recovering from December’s weather disruptions. The report – issued by the Swiss investment bank “UBS” – stated that February data indicated a…
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The price of a barrel of Kuwaiti oil jumps 10%, supported by OPEC + cuts
The price of a barrel of Kuwaiti oil received support from the decisions taken by 9 OPEC+ countries to offer voluntary production cuts of 1.6 million barrels per day. Last week, OPEC countries decided to take precautionary measures to control oil markets by raising the total volume of coalition cuts to 3.66 million barrels per…
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Stocks of international oil companies rise, supported by OPEC + cuts
Shares of major oil companies jumped during trading today, Monday, April 3, with the support of the voluntary production cuts announced by 9 OPEC+ countries, led by Saudi Arabia. The 9 countries announced voluntary cuts of more than 1.66 million barrels per day, starting next May, as a precautionary measure aimed at supporting the stability…
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Saudi Arabia and 7 OPEC + countries surprise the markets with an additional reduction in oil production
The Kingdom of Saudi Arabia and several countries in the OPEC + coalition announced an additional voluntary reduction in oil production – amounting to 1.649 million barrels per day – starting from next May until the end of 2023. Today, Sunday, April 2, 2023, an official source in the Saudi Ministry of Energy stated that…