Oil prices surged on Tuesday, buoyed by news of significant monetary stimulus from China, the world’s largest oil importer, alongside escalating tensions in the Middle East and concerns over potential supply disruptions in the United States due to another looming hurricane. Brent crude futures climbed by 1.8%, reaching $75.24 per …
Read More »Explainer: How Reluctant OPEC+, Demand Concerns weigh on Oil Market
The main cause of the current pessimistic assessment is growing demand fears following disappointing economic statistics from the three major oil demand regions: the US, China, and Europe. This has resulted in a rise in risk aversion.It appears that there has been an overstatement of the price reduction. Consequently, pressure …
Read More »OPEC Secretary General: We expect global energy demand to rise by 23% until 2045
Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said during an oil and gas conference in Nigeria that global energy demand is expected to rise by 23% until 2045. He added, “The global demand for energy is expected to increase by a significant rate of 23% …
Read More »OPEC Secretary General: We expect global energy demand to rise by 23% until 2045
Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said during an oil and gas conference in Nigeria that global energy demand is expected to rise by 23% until 2045. He added, “The global demand for energy is expected to increase by a significant rate of 23% …
Read More »OPEC Secretary General expects the organization’s market share to rise to 40% by 2040-2045
Al-Arabiya channel quoted the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Ghais as saying on Thursday that he expects the organization’s market share to rise to 40 percent between 2040-2045. He added that this will happen “after a decrease in production from countries outside the OPEC …
Read More »The OPEC+ alliance gives Russia a higher base level of production
The OPEC+ alliance said on Tuesday that it had given Russia a higher base level for oil production after it agreed to work with a number of research institutions and agencies to revise its production figures. The Organization of the Petroleum Exporting Countries (OPEC) uses base levels related to oil …
Read More »OPEC officials discuss energy issues with executives of major US oil companies
Executives of major US oil companies held private meetings with top OPEC officials on Monday on the sidelines of a conference in Houston to discuss energy matters, people familiar with the matter said, continuing a tradition that began nearly five years ago when the two sides were fierce rivals. Both …
Read More »Reuters survey: OPEC oil production increased by 150 thousand barrels per day in February
A Reuters survey showed on Tuesday, February 28, that OPEC’s oil production rose this month by about 150,000 barrels per day, compared to January levels. According to the survey, oil production within OPEC recorded levels of 28.97 million barrels per day, supported by the recovery of oil supplies in Nigeria …
Read More »OPEC expects an increase in global oil demand by 2.32 million b/d in 2023
The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report on Tuesday that global oil demand will rise this year by 2.32 million barrels per day, or 2.3 percent. And increased expectations by one hundred thousand barrels per day compared to the expectations of the organization last …
Read More »Oil stabilizes as the market awaits demand recovery in China and the EU ban
Oil prices stabilized on Friday, but were heading to record losses for the second week, as the market awaited other indications of a recovery in fuel demand in China and the extent of the impact of an embargo imposed by the European Union on Russian oil products and a ceiling …
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