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 […]
Tag: OPEC
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 […]
OPEC cuts world oil production and the barrel soars above US $ 80
The price of Petroleum Texas intermediate (WTI) shot up 6.01% at the opening of this Monday, up to US$80.22 a barrel, above the barrier of 80 dollars, after the OPEC+ alliance confirmed a cut of 1, 66 million barrels per day as of May. At 1:00 p.m. GMT (08:00 a.m. Peru time on Monday, March […]
President of Bolivia advocates for a joint lithium policy for Latin America
Bolivian President Luis Arcesaid on Thursday that he would be willing to design a lithium policy together with other Latin American countries to benefit their economies and protect the lucrative resource of US interventionism. It is estimated that Bolivia has 21 million tons of untapped lithium resources, the largest amount in the world, which are […]
The OPEC agreement helped to face the challenges of the oil market
The general secretary of the OPECMr Haitham al-Ghais said the group’s agreement to cut production helped address challenges facing global oil markets, the Iraqi Oil Ministry said on Tuesday. Al-Ghais, who is visiting Baghdad, added that OPEC’s most important goal is to achieve stability and balance between supply and demand. Last November, given the weakening […]
Advancement of the Chinese economy would be greater than expected and will boost the demand for oil, according to the IEA
The International Energy Agency maintains that if the Chinese economy recovers, it will be necessary for the OPEC+ countries to analyze their production policies, currently reduced by 2 million barrels per day. The Chinese economy, the world’s second-biggest oil-consuming country, could be about to experience a stronger-than-expected rebound that would boost demand for oil and […]