Tag: OPEC
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A plan to increase oil production in the Congo before reviewing the OPEC+ baselines
Oil production in the Congo is expected to increase significantly by next year (2024), before a review of baselines for OPEC+ countries in November, which may see an increase in quotas. It was agreed to cut the alliance’s total production by 1.4 million barrels per day in 2024, after hours of tense negotiations at the…
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OPEC + production increases marginally in June .. and Russia cuts 440 thousand barrels per day (survey)
OPEC + oil production rose marginally last June, despite the decline in Russian production as part of Moscow’s pledges to cut production. A recent survey showed that the OPEC + alliance kept its crude oil production almost unchanged in June, amid anticipation of production levels in July, with the implementation of large additional cuts by…
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Iraqi Oil Minister: The inclusion of new countries in “OPEC” enhances the stability of the global market
Iraqi Oil Minister Hayan Abdul-Ghani said that the entry of new countries into the Organization of Petroleum Exporting Countries (OPEC) aims to strengthen efforts to maintain the stability of the global market, and contributes to the generalization of benefits to all OPEC countries and investors. This came during an interview conducted by the Emirates News…
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OPEC invites Azerbaijan to join it.. and “Baku” responds
The Organization of Petroleum Exporting Countries (OPEC) is seeking to enhance its global influence at the present time by including major new players in the global oil market. The Kingdom of Saudi Arabia, the largest oil producer in OPEC, has always stressed that the organization aims primarily to achieve stability in global prices and ensure…
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OPEC Secretary General: The oil and gas sector is an important partner in facing the climate change crisis
OPEC Secretary General Haitham Al-Ghais stressed the role that the oil and gas sector can play in addressing the negative effects of the climate change crisis. He stressed that the global energy scene requires a common vision that links 3 main challenges to energy sustainability, represented in energy security, affordability, and reducing emissions. The Secretary-General…
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The UAE Minister of Energy reveals the role of OPEC + in facing oil market speculation
The UAE Minister of Energy, Suhail Al Mazrouei, stressed the importance of the role of the OPEC + alliance in controlling the stability of global oil markets. In order to achieve the common interest of consumers and producers. He said that the Organization of Petroleum Exporting Countries “OPEC” and its allies outside the organization “OPEC…
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Indian Oil Minister: OPEC+ cuts did not raise oil prices for several reasons
Indian Oil Minister Hardeep Singh Puri has expressed his concerns about the continuation of OPEC+ cuts in crude oil production, estimated at around two million barrels per day until the end of 2023, as well as additional voluntary cuts by several member states of the Alliance of Major Producers. Puri warned that the continuation of…
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Iraq announces the signing of a memorandum declaring the establishment of OPEC in Baghdad for the year 2023
The Iraqi Ministry of Oil announced the signing of a memorandum declaring the establishment of OPEC in Baghdad for the year 2023, during the celebration of the anniversary of the founding of the Organization of Petroleum Exporting Countries, in the presence of a large group of ministers and representatives of member states, today, Friday, June…
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OPEC + production declines in May .. and Russia cuts 410 thousand barrels per day (survey)
OPEC + oil production declined, during May (2023), by about 670 thousand barrels per day on a monthly basis, supported by the voluntary cuts announced by Saudi Arabia, Russia and a number of coalition countries last April, which raised production cuts to 3.6 million barrels per day. A recent survey showed that OPEC and its…
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The Secretary General of OPEC talks to “energy” about the decisions of OPEC +, and will oil prices reach $100? (a dialogue)
Read in this article Engineer Jamal Al-Loughani: OPEC + is taking proactive and preventive measures after a careful reading of the oil market outcomes The new decisions support the stability and balance of the market, especially in light of the uncertainty surrounding the global economy Crude oil prices are determined based on a combination of…
