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Search resuls for: "Ghais"


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☆ OPEC Secretary-General: move to cut oil output was unanimous
  + stars: | 2022-10-18 | by ( Wendell Roelf | ) www.reuters.com   time to read: +2 min
CAPE TOWN, Oct 18 (Reuters) - The OPEC+ oil producers group moved unanimously to cut output to prevent a crisis and stem a tide of volatility, OPEC's secretary-general told an energy conference in South Africa on Tuesday. read moreOPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia. Ghais told conference delegates in Cape Town that Africa's oil and natural gas reserves would be sought-after as energy demand was set to rise dramatically in the coming decades. He said OPEC forecast that global energy demand would increase by 23% from 286 million barrels of oil equivalent a day in 2021 to reach 351 million barrels of oil equivalent a day by 2045, with oil retaining the largest share in the energy mix. He said if investments in oil were not met there could eventually be "a serious supply shortfall resulting in more heightened volatility".
☆ OPEC Sec Gen says oil markets are going through 'great fluctuations'
  + stars: | 2022-10-16 | by ( ) www.reuters.com   time to read: 1 min
ALGERIA Oct 16 (Reuters) - OPEC Secretary General Haitham Al Ghais said on Sunday that "oil markets are going through a stage of great fluctuations" during his two-day visit to Algiers. Al Ghais added that the goal of OPEC and producers outside the organisation is to maintain market stability. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lamine Chiki; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
☆ 'In OPEC there is always a space for flexibility,' group's secretary general says
  + stars: | 2022-10-16 | by ( ) www.reuters.com   time to read: 1 min
Oct 16 (Reuters) - OPEC's Secretary General, asked on Sunday about reviewing this month's oil output cut, said on Sunday that "in OPEC there is always a space for flexibility". Haitham al-Ghais also told a news conference in Algeria that OPEC+ decisions were purely technical, and that the producer group took a pre-emptive decision. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nayera Abdallah, Ahmed Tolba, and Yasmin HussinOur Standards: The Thomson Reuters Trust Principles.
☆ OPEC+ members line up to endorse production cut after U.S coercion claim
  + stars: | 2022-10-16 | by ( Maha El Dahan Yasmin Hussein Moataz Mohamed | Maha El Dahan | Yasmin Hussein | ) www.reuters.com   time to read: +2 min
CAIRO Oct 16 (Reuters) - OPEC+ member states lined up on Sunday to endorse a steep production cut agreed this month after the White House, stepping up a war of words with Riyadh, claimed Saudi Arabia had pushed some other nations into the move. Iraq, OPEC's second largest exporter, said the decision was based on economic indicators and was taken unanimously. The cut came despite oil markets being tight, with inventories in major economies at lower levels than when OPEC has cut output in the past. But some analysts have said recent volatility in crude markets could be remedied by a cut that would help attract investors to a market that was underperforming fundamentals. Oman's energy ministry said OPEC+ decisions were based purely on the realities of market supply and demand.
☆ U.S. delivers angry rebuke of massive OPEC+ production cut — and it could backfire for Saudi Arabia
  + stars: | 2022-10-06 | by ( Sam Meredith Natasha Turak | Sam Meredith | Natasha Turak | ) www.cnbc.com   time to read: +9 min
Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia. Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia, particularly as Biden hinted Congress would soon seek to rein in the Middle East-dominated group's influence over energy prices. OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by 2 million barrels per day from November. "In light of today's action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices," the White House said. While the group likes to say they keep politics out of their decisions, there's no denying that there are potential ramifications to this beyond the oil price.
☆ OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure
  + stars: | 2022-10-05 | by ( Sam Meredith | ) www.cnbc.com   time to read: +4 min
Oil prices have fallen to roughly $80 from over $120 in early June amid growing fears about the prospect of a global economic recession. OPEC and non-OPEC allies, a group often referred to as OPEC+, decided at their first face-to-face gathering in Vienna since 2020 to reduce production by 2 million barrels per day from November. Energy market participants had expected OPEC+, which includes Saudi Arabia and Russia, to impose output cuts of somewhere between 500,000 barrels and 2 million barrels. Oil prices have fallen to roughly $80 a barrel from more than $120 in early June amid growing fears about the prospect of a global economic recession. "In short, OPEC+ is prioritising price above stability at a time of great uncertainty in the oil market."
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