Tag: OPEC
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OPEC+ Extends Oil Output Cuts
Since October 2022, OPEC is responsible for around 40 percent of the global crude oil supply. On Sunday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, decided to maintain the production quotas for its members in 2025, extending the current output cuts. RELATED: OPEC Conveys Condolences to […]
June 3, 2024
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OPEC Conveys Condolences to Iran on Death of President Raisi
On Monday, Haitham al Ghais, the Secretary of the Organization of the Petroleum Exporting Countries (OPEC), extended its condolences on the passing of Iranian President Ebrahim to his family and the Iranian nation. RELATED: President Maduro Expresses Condolences to the Iranian People “It is with great sadness and deep sorrow that we has read the […]
May 20, 2024
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Oil & Gas Industry Provides 70 Million Jobs Worldwide, OPEC SG
On this May Day it is timely to share an article by OPEC Secretary General, H.E. Haitham Al Ghais, released last Monday on the role of the oil and gas industry in global employment. RELATED: Oil Security Is Vital for All “A job is never just a number on a spreadsheet. Behind every job is […]
May 1, 2024
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Oil Security Is Vital for All
At the Organization of the Petroleum Exporting Countries (OPEC), we took note of the International Energy Agency (IEA) reaffirming the significance of oil security to energy transitions in its most recent commentary: ‘A strong focus on oil security will be critical throughout the clean energy transition’. RELATED: If Oil Disappeared Tomorrow… We are encouraged by […]
March 13, 2024
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If Oil Disappeared Tomorrow…
If oil disappeared tomorrow, there would be no more jet fuel, gasoline or diesel. Internal combustion engine automobiles, buses, trucks, lorries and coaches would be stranded. Airplanes powered by jet fuel would be grounded. RELATED: Venezuela Rejects Canadian Exploration in Essequibo Freight and passenger rail powered by diesel would halt. People could not get to […]
March 11, 2024
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Global Oil Demand To Grow in the Next Two Years: OPEC
On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) forecast “robust” global oil demand growth of 1.8 million barrels per day (bpd) in 2025, backed by strong global economic recovery. RELATED: Angola Announces Exit from OPEC Global oil demand growth next year will be driven by nearly 1.7-million-bpd growth in non-OECD (the Organization for […]