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☆ Iraq, OPEC stress need to coordinate to stabilise prices
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

CAIRO, March 19 (Reuters) - Iraq's Prime Minister Mohammed Shia al-Sudani and OPEC Secretary General Haitham Al Ghais stressed the need to coordinate among oil-exporting nations to ensure prices do not fluctuate and impact both exporter and consumer countries, the Iraqi government said in a statement. Iraq is one of the founding members of the Organization of the Petroleum Exporting Countries (OPEC). Reporting by Omar Abdel-Razek; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

☆ Most Gulf bourses rise on higher oil prices; Egypt down
▼ + stars: | 2023-02-12 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 12 (Reuters) - Most Gulf bourses closed higher on Sunday in response to Friday's oil price rise, driven by Russian plans to reduce crude production next month. Oil, which fuels the region's economies, rose more than 2%, with Brent crude gaining $1.89 to $86.39 a barrel. Russia plans to reduce crude production by 500,000 barrels per day (bpd) in March, or about 5% of its total output. The index was dragged down by a 4.7% loss in Commercial International Bank Egypt (COMI.CA) and a 2.9% fall in Telecom Egypt (ETEL.CA). Among other losers, Misr Fertilizers (MFPC.CA) and Abu Dhabi Islamic Bank Egypt (ADIB.CA) slid 3.7% and 4.3% respectively.

☆ Iran OPEC official sees oil rebounding to $100/bbl in H2
▼ + stars: | 2023-02-08 | by ( Nidhi Verma | ) www.reuters.com time to read: +1 min

BENGALURU, Feb 8 (Reuters) - Global oil prices may rebound to about $100 per barrel in the second half this year as Chinese demand recovers while supply remains limited, Iran's OPEC representative Afshin Javan said on Wednesday. "I think OPEC is moving in right direction," Javan told reporters on the sidelines of the India Energy Week, referring to the group's decision in December to cut production. "Why OPEC did it was because it was not very optimistic about the demand side," Javan said. Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) although its oil exports are subjected to U.S. sanctions aimed at curbing Tehran's nuclear programme. On Monday, OPEC Secretary General Haitham Al Ghais also defended the group's decision to cut production, adding that the move helped stabilise global oil markets.

☆ Davos 2023: Big oil comes in from the cold on energy transition
▼ + stars: | 2023-01-20 | by ( Maha El Dahan | ) www.reuters.com time to read: +6 min

CHINA OUT./File Photo/File PhotoSummarySummary Companies Energy transition front and centre at Davos meetingEurope energy crisis forces moment of reckoningClimate activists sceptical of oil industry inclusionDAVOS, Switzerland, Jan 20 (Reuters) - A different type of energy transition has taken place at this year's World Economic Forum (WEF) meeting. Unlike 2021's COP26 climate conference in Glasgow, where oil and gas executives were personae non gratae, fossil fuel chiefs and renewable energy bosses sat cheek by jowl in Davos. Thunberg's was not the only voice at Davos with strong objections to the industry's new mantra that the energy crisis justifies new oil investments. Like Birol, British opposition leader Keir Starmer said the oil and gas sector has a role to play in the energy transition. Jaber, who is the founding CEO of Abu Dhabi’s renewable energy firm Masdar and has overseen the UAE's mandate to adopt renewables is not without green credentials.

☆ Davos 2023: China to boost oil demand by up to 500,000 bpd, OPEC tells Sky News Arabia
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Jan 17 (Reuters) - Chinese appetite for oil is expected to raise demand by 500,000 barrels per day after the country curbed its COVID-19 restrictions, OPEC Secretary General Haitham al-Ghais told Abu Dhabi-based Sky News Arabia from Davos on Tuesday. Demand from India and China could compensate for shrinkage expected from developed countries, he added. Separately, Al-Ghais said it is still early to assess the impact of sanctions on Russian oil supply. Reporting by Nadine Awadalla and Yomna Ehab Editing by Clauda Tanios Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ OPEC chief says OPEC+ plays instrumental role in supporting market stability
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Dec 10 (Reuters) - The OPEC+ alliance plays an instrumental role in supporting market stability, OPEC Secretary General Haitham Al Ghais said on the sixth anniversary of the group's formation. "Six years later, the framework continues to play an instrumental role in supporting market stability, which is essential for growth and development, as well as attracting the necessary investment to ensure energy security," Al Ghais said in a statement. OPEC+, which groups together the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, last met on Dec. 4. Reporting by Maha El Dahan and Moaz Abd-Alaziz; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

U.S. West Texas Intermediate (WTI) crude rose $1.60, or 1.85%, to $88.13 after falling 1.6% in the previous session. The OPEC+ cuts and record U.S. oil export data also support oil price fundamentals, said CMC Markets analyst Tina Teng. Tamas Varga of oil broker PVM, meanwhile, said that dwindling oil supply, a possible halt to release of oil from the Strategic Petroleum Reserve (SPR) and reinvigotated oil demand growth could also send crude back above $100 a barrel. OPEC raised its forecasts for world oil demand in the medium and longer term on Monday, saying that $12.1 trillion of investment is needed to meet this demand. In a further cap to price gains, U.S. crude oil stocks are likely to rise in the week to Oct. 28, a preliminary Reuters poll showed.

☆ OPEC raises long-term oil demand view, calls for investment
▼ + stars: | 2022-10-31 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Summary OPEC raises 2030, 2045 oil demand forecastsMaintains view that oil demand will plateau after 2035Sees $12.1 trillion of oil investment needed to 2045ABU DHABI, Oct 31 (Reuters) - OPEC raised its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday and said$12.1 trillion of investment is needed to meet this demand despite the energy transition. Another decade of oil demand growth would be a boost for OPEC, whose 13 members depend on oil income. In the report, OPEC maintained its view that world demand will plateau after 2035.Other predictions from companies and banks see oil demand peaking earlier. ENERGY SECURITY DEMAND BOOSTThe report said world oil demand will reach 103 million barrels per day in 2023, up 2.7 million bpd from 2022. By 2030, OPEC sees world demand averaging 108.3 million bpd, up from 2021, and lifted its 2045 figure to 109.8 million bpd from 108.2 million bpd in 2021.

☆ OPEC expected to stick to view of long-term oil demand rise
▼ + stars: | 2022-10-28 | by ( Alex Lawler | ) www.reuters.com time to read: +4 min

The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2022 World Oil Outlook on Oct. 31. The 2021 version sees oil demand plateauing after 2035. The latest update is likely to keep OPEC among the more optimistic forecasters of oil demand. OPEC World Oil Outlook 2021"It is similar to last year in terms of the demand outlook," one of the OPEC sources said. LOWER PROJECTIONSLast year, OPEC saw oil demand reaching 108.2 million barrels per day in 2045, up from 90.6 million bpd in 2020.

☆ 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.

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.

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