Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

High oil prices are a symptom of economic and monetary imbalances, not just a consequence of Organization of the Petroleum Exporting Countries (OPEC) decisions. Throughout history, we have seen how OPEC cuts have done little to elevate prices when diversification and technology added to rising efficiency. Likewise, OPEC output increases …

OPEC’s, Organization of the Petroleum Exporting Countries, reference basket (ORB) price dropped to 81$/bbl driven by other crudes. OPEC said in a statement that the price of a thirteen crude ORB reached 81.1$/bbl, 0.91$ above yesterday’s 82.01$/bbl. The OPEC Reference Basket of Crudes (ORB) is made up of the following: …

Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail stressed today the importance of attracting new investments, especially in projects that achieve sustainable development for Iraq and clean energy. The minister’s statement came during his participation in the ADIPEC exhibition in Abu Dhabi. Ismail said that the oil sector needs more investments, financing …

The Organization of the Petroleum Exporting Countries (OPEC) said the narrative that the energy transition is from oil and other fossil fuels to renewables is ‘misleading’ and ‘potentially dangerous’. That comes just a few hours after the announcement of the Glasgow Climate Pact that includes in its text a reference …

Led by production increases in Saudi Arabia and Russia, the OPEC+ group raised its October oil output by 490,000 barrels per day (bpd), TASS news agency quoted the International Energy Agency as saying in its monthly report on Tuesday. Saudi Arabia’s oil production rose to 9.8 million bpd in October …

Abu Dhabi, United Arab Emirates, 16 November 2021–The Organization of the Petroleum Exporting Countries (OPEC) today held a special session to present the 15th edition of its World Oil Outlook (WOO), as part of the Organization’s participation at ADIPEC 2021 in Abu Dhabi, United Arab Emirates (UAE). Under the patronage …

OPEC Secretary General Mohammad Barkindo said on Monday that oil and gas were “targeted” for the first time at COP26 as having no place in the energy transition. As an outcome of COP26, oil producers will have a lot of work to do, Barkindo added.

Oman said there was no need for OPEC+ to accelerate oil-production increases, signaling at least some members of the group will continue to resist U.S. pressure for more crude. OPEC+ is already raising daily supply by 400,000 barrels per month and that’s enough, Oman’s Energy Minister Mohammed Al-Rumhy said in …

The current energy crises has hit hard, and it will have a negative impact on global economies if not contained effectively. The gas crisis hit consuming nations while some major gas producers, who claimed to be influential in gas markets, have been obviously missing. When oil prices rise, the whole …

The Organisation of Petroleum Exporting Countries on Tuesday said about $450bn worth of new refinery projects and expansion of existing units would be invested in Nigeria and other developing nations. It said the investments were part of the estimated $1.5tn that would be invested in the downstream sector of the …