The 16th OPEC and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC), has been held via teleconference on Tuesday under the Chairmanship of Saudi Arabia’s Minister of Energy HRH Prince Abdul Aziz bin Salman and Deputy Prime Minister of the Russian Federation, Co-Chair HE Alexander Novak. According to the …
Read More »OPEC and Non-OPEC Ministerial Meeting Highlights Importance of Ongoing Rebalancing Efforts
The 16th OPEC and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC) took place via teleconference on Tuesday, 27 April 2021, under the Chairmanship of HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair HE Alexander Novak, Deputy Prime Minister of the Russian Federation. The …
Read More »OPEC+ Concerned about India’s Oil Demand
The Joint Technical Committee of OPEC+ is concerned about the growing case numbers in India, Japan, and Brazil, Reuters sources said on Monday. The Joint Technical Committee, or JTC, is responsible for assessing oil market fundaments. It is also tasked with monitoring which member countries are complying with the production …
Read More »OPEC+ Meeting Moved to April 27, One Day Ahead of Schedule
The meeting of the OPEC+ monitoring committee and the ministerial meeting of the alliance countries will take place on April 27 – a day earlier than previously planned, according to the OPEC agenda. The information was confirmed by a TASS source. The meeting of the monitoring committee is scheduled for …
Read More »OPEC+ Sees Strong Oil Recovery Clouded by India Virus Surge
OPEC and its allies projected a strong recovery in global oil demand this year, but the outlook was clouded by a raging virus outbreak in India just days before the group’s next meeting. A committee of technical experts from the group forecast that world oil consumption will rebound by 6 …
Read More »OPEC Urges Members to Lobby against US NOPEC Bill
OPEC is encouraging its members to engage with the U.S. administration over a proposed U.S. bill against the group, known as NOPEC, and to explain that passing the bill could put at risk U.S. interests abroad. A U.S. House panel passed a bill this week to open OPEC to lawsuits …
Read More »OPEC Fund Helps Finance Egypt’s Largest Private Solar Plant
OPEC’s Fund for International Development is among a group of development banks providing $114 million of loans to build the largest privately owned solar plant in Egypt. ACWA Power’s 200-megawatt Kom Ombo site also received funding from the European Bank for Reconstruction and Development, the African Development Bank, the Green …
Read More »Iraq Plans to Double Oil Production Capacity by 2029
Iraq’s Oil Minister, Ihsan Abdul-Jabbar, announced last week that the country plans to increase its oil production capacity to 8 million barrels per day (bpd) by 2029, compared to current production of around 3.8 million bpd that factors in OPEC-mandated cuts. Based on its vast oil resources there is no …
Read More »Russia’s Novak: OPEC+ may Confirm or Tweak Its Plans
OPEC+ is heading for a largely technical meeting next week where major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said. Alexander Novak said on Wednesday the group may confirm or tweak output plans following its decision to ease production curbs. “We met a month ago, …
Read More »OPEC+ Oil Cut Compliance at 113% in March
OPEC+ achieved a compliance level with its agreed oil production cuts of 113 per cent in March, unchanged from levels in February, two sources from the producer group told Reuters on Tuesday. Compliance from members of the Organization of the Petroleum Exporting Countries (OPEC) reached 124 per cent, while non-OPEC …
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