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☆ 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 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.

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.

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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