The Organization for the Petroleum Exporting Countries (OPEC) reiterated on Tuesday that global demand for oil would grow strongly in 2022 despite the Omicron variant of the coronavirus and the expected interest rate hikes, predicting that during the year. OPEC’s optimistic assessment comes at a time when oil prices have reached their highest level since […]
Tag: OPEC (ΟΠΕΚ)
OPEC elects new secretary general
In a teleconference on Monday, the Organization of the Petroleum Exporting Countries (OPEC) decided to appoint Haitham al-Qais of Kuwait as the new secretary general of OPEC. He will take office on August 1st and his term will be three years, according to the announcement issued by OPEC. Haitham al-Qais, a veteran of the Kuwait […]
Oil: Possible production increase by OPEC +, after the reduction in Libya – ‘Small’ the effects of Omicron
LAST UPDATE: 22.08 Libya expects its oil production to drop by another 200,000 barrels a day next week as workers try to repair a damaged pipeline, according to Bloomberg. The latest shutdown comes less than two weeks after militias closed the largest field, Sharara, causing production to fall by about 350,000 barrels a day. Together, […]
OPEC is not expected to change its strategy for 2022
OPEC is likely to stick to its current policy of moderate monthly increases in oil production at a meeting next week, four sources said, as demand for the Omicron mutation eased and oil prices recovered. Reuters agency. OPEC will decide on January 4 whether to increase production by 400,000 barrels per day for February, the […]
Small losses for oil after a rally of six sessions
Oil is falling after its biggest earnings streak since February as the market weighed in on a series of supply cuts against lower quotas in China, the world’s largest importer of crude, according to Bloomberg. In particular, the crude type West Texas Intermediate February Delivery is currently at $ 75.99 a barrel, down 0.74%. At […]
Oil continues to rise
LAST UPDATE: 17:48 Oil continues to rise after the small losses in the morning, while the market is weighing a series of supply cuts against smaller quotas in China, the largest importer of crude in the world, according to Bloommberg. In particular, the crude type West Texas Intermediate February Delivery is currently at $ 77.03 […]
Russia: There is no need for hasty decisions in the oil market due to the Omicron variant
Russia sees no need for urgent action in the oil market over new coroner Omicron, Deputy Prime Minister Alexander Novak said today, downplaying the possibility of changes to the global oil deal. The Organization of the Petroleum Exporting Countries (OPEC) and other countries led by Russia, a group known as OPEC +, will hold online […]
Marginal losses for crude ahead of next week’s OPEC + meeting
Oil fell sharply on Wednesday, with investors on hold after the rise of US crude stocks, as they wait for the “response” of OPEC + to the coordinated release of strategic stocks from various countries. The U.S. Energy Information Administration said Wednesday that U.S. crude stockpiles rose 1 million barrels in the week ended Nov. […]
OPEC SEC: We must be very careful with the increase in production – Signs of surplus in the market
OPEC “sees” signs of oil surplus in the market from next month, with the general secretary of the cartel advising its members and their allies to be “very, very careful” regarding the review of production policy in the regular monthly meetings their. It is recalled that the Organization of the Petroleum Exporting Countries and its […]
OPEC: Reduces its forecast for global oil demand for the fourth quarter of 2021
OPEC on Thursday cut its forecast for global oil demand for the fourth quarter of 2021 due to high energy prices, although the agency insists on its forecast for strong growth above pre-pandemic rates in 2022. OPEC said in its monthly report that it expects average oil demand to reach 99.49 million barrels per day […]