OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, sources from the producer group told Reuters. Eight OPEC+ members are scheduled to boost output by 180,000 barrels …
Read More »Why Algeria cannot Solve Europe’s Gas Problem
European politicians have been scouring their neighbourhood to find new gas supplies to replace those threatened by Russia. They have secured some promises in their tour that took them from Azerbaijan via the Gulf to Egypt and Israel. They have visited Algeria too, but Africa’s largest country and biggest gas …
Read More »Africa Energy Giants Discuss Gas Pipeline to Europe
African energy giants Algeria, Nigeria and Niger signed a memorandum of understanding Thursday on a vast gas pipeline project offering Europe potential future alternatives to Russian supplies, state media reported. The Trans-Saharan Gas Pipeline (TSGP) would transport billions of cubic metres of gas some 4,128 kilometres from Nigeria in West …
Read More »OPEC Sees Slower Pace of Oil Demand in 2023
OPEC expects global oil demand to rise in 2023 but at a slower pace than 2022, the producer group said in its first forecast for next year, citing still-robust economic growth and progress in containing COVID-19 in China. In a monthly report on Tuesday, the Organisation of the Petroleum Exporting …
Read More »Major Oil Producers Likely to Freeze Output amid Omicron Concerns
Major oil producers are due to meet Thursday to decide on output levels from January onwards, which could be frozen as the new Covid variant Omicron sparks turmoil. The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to rein in …
Read More »Turkey Risks Stirring Up Tensions by East Medi Gas Exploration
Turkey will carry on exploring for oil and gas in the eastern Mediterranean, President Tayyip Erdogan said on Friday in comments that may revive tensions with the European Union and Greece amid attempts to repair their frayed ties. Turkey is at odds with EU members Greece and Cyprus over energy …
Read More »With Expansion of Capacity, UAE to Play more Assertive Role in OPEC
The United Arab Emirates’ resistance at OPEC meetings to extending deep supply cuts into 2021 is the start of a more assertive policy stance that could make it harder for the group to balance global oil supply. The seeds of the emerging divergence have their roots in a major expansion …
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