Tag: OPEC

OPEC Raises Forecast of Global Oil Demand, Peak Crude Demand Still Away

OPEC strongly criticized the IEA’s forecast of peak fossil fuel demand before the decade’s end, labeling the IEA’s narrative as “extremely risky,” “impractical,” and “ideologically driven”. OPEC has revised its medium- and long-term projections for global oil demand upward. The oil-producing consortium stated that meeting this increased demand would necessitate a substantial $14 trillion investment in the crude sector. This development comes even in the face of a rapid expansion of renewable energy technologies. However, this long-term oil demand projection from OPEC differs from that of the International Energy Agency…

OPEC+ Sticks to Oil Production Target despite Saudi Arabia’s Additional Voluntary Cuts

OPEC+ will continue with its plan to cut down on production and reduce supply, but did not change its target notwithstanding further cuts. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries, known as OPEC+, maintained its previous oil production target for the year. The 23 member countries of the organization are sticking to the target regardless of Saudi Arabia’s further reduction. Back in October, OPEC+ decided to reduce production supply by a cumulative 2 million barrels per day (bpd). In addition to this cutback, several members announced…

Yellen Says US ‘Not Willing to Allow Contagious Bank Runs,’ Calls OPEC Oil Production Cut ‘Unconstructive’ – Economics Bitcoin News

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Roughly 26 days ago and in the following days, the U.S. witnessed two significant bank failures when Silicon Valley Bank and Signature Bank collapsed. After speaking at an event on Monday at Yale University, Janet Yellen, the current U.S. Treasury secretary, told reporters that she was closely monitoring the banking industry. Yellen insisted that “matters are stabilizing” and the Treasury was “not willing to allow contagious [bank] runs to develop” in the United States. Treasury Secretary Yellen Addresses Recent Bank Failures and Emphasizes Stability in the U.S. Banking System U.S.…

OPEC+ Production Cuts to Impact Central Banks Fight against Inflation

Reducing oil production means there will be a relative shortage in the supply of the product. The recent actions by some members of the Organization of Petroleum Exporting Countries (OPEC) and its allies tagged OPEC+ to cut oil production beginning in May can significantly stir a setback for most country’s Central Banks. With Saudi Arabia and its key allies including the United Arab Emirates and Kuwait set to cut production by more than 1 million barrels per day, Russia’s projected 500,000 cuts have taken the number to 1.6 million barrels.…

Saudi Arabia and OPEC Reveal Surprise Oil Production Cut; White House Insists Cuts Aren’t Advisable Right Now – Economics Bitcoin News

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On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members as a “precautionary measure” to stabilize the oil market. Geopolitical Implications: The Move to Cut Oil Production Comes Amid Shifting Alliances and Tensions Between Major Players This weekend, Saudi Arabia and several major…

Oil Prices Shoot amid Steady Oil Production by OPEC+ and Saudi Cutting Down on Production

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While the OPEC countries are keen on keeping the production output for oil low, Russia, Iran, and UAE have hinted at boosting production during the same time. Saudi is keenly watching all the developments with detailed attention. Global oil prices shot up on Thursday, March 4, after the OPEC+ countries said that they would keep the oil production steady throughout April. On the other hand, Saudi is firm on extending its voluntary oil production cut to one million barrels per day up to April end. While OPCE+ countries agree to…

OPEC Revised Outlook on Oil Demand in 2020 and 2021

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As the coronavirus pandemic persists, the OPEC trimmed outlook on oil demand in 2020, and the first six months in 2021. The Organization of the Petroleum Exporting Countries (OPEC) has revised its 2020 and 2021 outlook for oil demand. According to the organization, the pandemic’s negative effect on the Asian region’s oil demand may extend to June next year. According to a monthly report released on Monday, OPEC trimmed its outlook for global oil demands to a daily average of 90.2 million barrels in 2020. The new outlook is 400,000…

OPEC Workshop Will Focus on Blockchain Integration with Oil Supply Chains

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The Organization of Petroleum Exporting Countries (OPEC) has revealed that its forthcoming videoconference workshop will feature blockchain technology as one of the focus topics. The blockchain workshop is billed to feature the sharing of information and technology by a number of industry experts from OPEC Member Countries, other oil-producing and consuming nations, international organizations, and leading global corporations. It is slated for September 21, 2020. While the OPEC body has recognized the need to integrate blockchain technology as a ‘pressing issue’ in the energy industry, it’s consideration is in using…

OPEC to Discuss Blockchain Technology at Upcoming Virtual Workshop

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The plausible move by OPEC to consider the integration of blockchain to bolster its supply chain is a use case of the technology with enough precedents. Blockchain technology will be one of the focus topics at the forthcoming videoconference workshop of the Organization of Petroleum Exporting Countries (OPEC). According to the organization, the meeting scheduled to hold on September 21, 2020, is aimed at discussing and exchanging information on a number of key topics relevant to energy technology and innovation. The workshop which will be attended by a number of industry…

OPEC to cover blockchain tech in second workshop on energy and IT

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The Organisation of the Petroleum Exporting Countries has announced that its Second Workshop on Energy and Information Technology will be held on Sep. 21 via videoconference. This year’s event sees blockchain technology join the range of energy and tech-related topics to be discussed. However, it is unlikely that the invited oil industry bigwigs will be discussing the energy consumption characteristics of cryptocurrency. The organization is more interested in streamlining aspects such as the supply chain, as OPEC secretary general Mohammad Sanusi Barkindo explained: “The energy industry, particularly the oil sector,…