Mohammad Barkindo, a Nigerian politician and OPEC secretary-general, has died at the age of 63, CNBC reported. The head of the National Petroleum Corporation of Nigeria, Mele Kyari, announced the news in a tweet on Wednesday, which was confirmed by two OPEC sources. “We have lost our esteemed Dr. Muhammad Sanusi Barkindo,” he tweeted early […]
Tag: OPEC
OPEC CEO: Venezuela and Iran could ease the energy crisis
The oil and gas industry is “under siege” due to years of underinvestment, OPEC Secretary-General Mohammad Barkido argued on Tuesday, adding that energy supply shortfalls could be eased if Iran and Venezuela were allowed to export more oil. It is recalled that for years the two countries have been subject to sanctions, which have led […]
OPEC: The industry faces great challenges on multiple fronts – Mohammad Barkindo
The energy sector faces enormous challenges on multiple fronts, the Secretary-General of the Organization of Petroleum Exporting Countries, Mohammad Barkindo. He added that the oil and gas industries are “under siege”, as reported by Reuters. “Years of underinvestment in the oil sector help explain the tightness of the OPEC and non-OPEC market,” Barkindo said. He […]
Bloomberg: OPEC+ did its job, but don’t expect it to disappear
The OPEC+ group of oil producers has completed its mission to restore all the oil it took off the market during the troughs of the Covid-10 pandemic – at least on paper, but don’t expect it to disappear just yet, Bloomberg notes. The Group of 23 oil-exporting countries met virtually on Thursday and agreed to […]
OPEC did not reach the target for oil production in June
OPEC failed to meet its goal of increasing oil output promised under the deal with its allies, a Reuters survey showed, as production cuts in Libya and Nigeria offset rising supply from Saudi Arabia Arabia and other major producers. It pumped 28.52 million barrels per day (bpd) in June, the survey showed, down 100,000 bpd […]
OPEC + is expected to keep its production unchanged
The two-day OPEC + meeting ends today without a decision on boosting production, according to Reuters, citing sources. At the previous meeting in early June, OPEC + decided to increase its production by 648,000 barrels per day in July and August compared to its previous plan to boost it by 432,000 barrels per day. Washington […]
On June 30, the payment of allowances by OPEC
On June 30, 2022, the last working day of the month, the benefits will be paid by the Organization for Welfare Benefits and Social Solidarity (OPEC). As mentioned in a relevant announcement, the total amount amounts to 190,656,121 euros and concerns 741,564 beneficiaries. Specifically, the following benefits will be paid: – Housing allowance: Beneficiaries 287,309 […]
USD/CAD remains stable around 1.2900, little movement after US data.
USD/CAD reversed an early decline to a one-week low amid the appearance of some dollar buying. Rising oil prices could support the loonie and cap currency gains. Markets reacted little to the release of positive US Durable Goods Orders data for May. The pair USD/CAD attracted some buying on dips near 1.2865-1.2860 and bounced around […]
When are July pensions paid?
The payment of the main and auxiliary pensions in July and the payment of OPEC benefits include, among others, the scheduling of payments by e-EFKA, the Public Employment Service (DYPA) and the Organization for Welfare Benefits and Social Solidarity (OPEC) for the week June 27-July 1. In total, it is estimated that about 2.3 billion […]
Russia will continue its cooperation with OPEC + after 2022
Russia could continue to co-operate under the OPEC + oil deal after 2022, Deputy Prime Minister Alexander Novak said today, according to Reuters. Novak said the details of Russia’s future deal with OPEC would be clearer by the end of the year. “We will work to ensure the energy security of the oil market,” Novak […]