The global demand for fossil fuels will peak in 2030 as sales of electric cars rise and the Chinese economy grows more slowly and shifts toward cleaner energy, the agency said. International Energy Agency (IEA). The IEA report, which advises industrialized countries, contrasts with the opinion of the Organization of Petroleum Exporting Countries (OPEC), which […]
Tag: OPEC
OPEC: A barrel of crude oil is around US$90 due to the conflict in the Middle East
He Petroleum of the Organization of the Petroleum Exporting Countries (OPEC) has resumed its upward path by trading on Monday at US$89.99 per barrel, 3% more than its value on Friday, according to calculations published by the oil group on its official website. The rise of US$ 2.69 is attributed by analysts to the fear […]
Oil reaches maximum levels of 2023 amid expectations of a shortage in supply
This Thursday, September 14, the oil prices reached their highest point of the entire year, iDriven by tighter supply prospects, which prevailed over concerns related to weaker economic growth and rising U.S. crude oil inventories, according to Reuters. At 11:24 a.m. (CET) (15:24 GMT), the price of the Brent oil registered an increase of US$1.74, […]
Global oil demand will set a new record in 2023
This 2023 could set a new record for the international price of oil, after the International Energy Agency (IEA) raised this Friday the estimate of global demand for crude oil to 102.2 million barrels per day, as had been anticipated. at the beginning of the first trimester. Precisely, in February 2023 the IEA it had […]
OPEC: “The world cannot live without oil” and will not be able to in the foreseeable future
The current president of OPEC, the Equatorial Guinean Antonio Oburu Ondo, stated this Wednesday in Vienna that “the world can’t live without Petroleum” and that it will not be able to do without this fossil source in the foreseeable future, given the energy needs of the planet. “The reality of energy is that the world […]
Saudi Arabia and Russia to extend oil production cuts until August
Saudi Arabiathe world’s largest oil producer, announced Monday that will extend until August the cut in crude production of 1 million barrels per day that it announced in June. The Asian country is seeking to boost what officials see as “stubbornly weak” oil prices. This announcement was also joined by Russia, whose deputy prime minister, […]
Saudi Arabia marks the step in OPEC+ with additional cut in its crude production
Saudi Arabia committed to new production cuts oil, marking the pace of the meeting of the alliance of oil exporting countries OPEC+ meeting this Sunday in Vienna to work out a strategy to boost prices, badly hurt by fears of a recession. The meeting of the thirteen members of the Organization of the Petroleum Exporting […]
Tough debate in OPEC+ on whether to further cut oil production to support prices
Alliance Ministers OPEC+ engaged in tough negotiations this Sunday in Vienna to stop the fall of the oil pricesand the possibility of a new production cut. The thirteen members of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia and which includes Venezuela, and the group of its ten partners, led by […]
OPEC reiterates the need to promote investment in the world oil industry
The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, reiterated, in an interview broadcast this Saturday by the state channel Venezuela (VTV), the need to promote investment in the industry, in the face of a foreseeable increase in energy demand. “The world industry requires 12.1 trillion dollars from now until […]
Putin defends the voluntary reduction of crude oil extraction to support its price
The Russian President, Vladimir Putindefended this Thursday the voluntary reduction of extraction of Petroleum in the country to support its price in world markets. “We are reducing extractions, but nevertheless an adequate level is maintained,” said the head of the Kremlin in a meeting with members of the Government He warned that oil prices in […]