OPEC
Use attributes for filter ! | |
Headquarters | Vienna |
---|---|
Austria | |
Founded | Baghdad |
Iraq | |
Currency | Indexed as USD per barrel (US$/bbl) |
Members | Iran |
Saudi Arabia | |
Indonesia | |
Libya | |
Iraq | |
Ecuador | |
Founders | Juan Pablo Pérez Alfonzo |
Abdullah Tariki | |
Secretary general | Mohammed Barkindo |
Date of Reg. | |
Date of Upd. | |
ID | 1377476 |
About OPEC
The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 14 nations, founded on 14 September 1960 in Baghdad by the first five members, and headquartered since 1965 in Vienna, Austria.
Oil cartel leader warns of prolonged high prices
...By Faarea MasudBusiness reporterThe price of oil will continue to stay elevated as demand for energy increases, says the secretary general of Opec+...
Oil prices set to rise as Opec countries cut output
... Members of Opec+ - a group that includes Saudi Arabia and Russia - said they would slash production by two million barrels per day...
Oil prices have soared. Why won't Opec bring them down?
... But members of oil producers group Opec+ - which includes Russia - are not rushing to help out...
Record deal to cut oil output ends, the price war
...The deal represents the largest cut in the oil production, which has agreed to ever have Opec producers and the Nato countries have agreed to a record oil deal, the slash global production by about 10% after a slump in demand, caused by coronavirus lock...
Oil cartel leader warns of prolonged high prices
By Faarea MasudBusiness reporter
The Price of oil will continue to stay elevated as demand for energy increases, says The Secretary general of Opec +.
Opec + is a group of 23 oil-exporting countries which decides how much Crude Oil to sell on The World market.
" We see demand growing about 2. 4 million barrels A Day , " Haitham Al Ghais told The Bbc .
Saudi Arabia said it will be cutting its production of Crude Oil by A Million barrels A Day to boost prices.
The International Energy Agency (IEA) - Two major oil producers and members of Opec + - to cut production could cause a " significant supply shortfall" by The End of this year.
Mr Al Ghais said: " This is a voluntary decision taken by Two sovereign nations, Saudi Arabia and Russia. This decision can be described as precautionary or pre-emptive because of uncertainties".
Following Russia's invasion of Ukraine in February 2022, oil prices soared, hitting More Than $120 a barrel in June Last Year . They Fell Back to a little above $70 a barrel in May this year, but have steadily risen since then as producers have tried to restrict output to support The Market .
Brent crude, a benchmark for prices, breached $95 a barrel on Tuesday amid predictions of shorter supplies, with fears The Price may breach $100 per barrel. The Rise prompted A Warning to drivers That fuel prices could rise in The Coming 10 months, and stoked fears That inflation in key economies could be prolonged.
But Mr Al Ghais said Opec was more concerned about " under investment" in the oil sector.
" Some have called for stopping investments in oil. We believe this is equally dangerous. It will lead to volatility in The Future , possible supply shortages. And therefore we at Opec have always advocated for the importance of continuing to invest in the oil industry as we also invest in decarbonising the industry and move on to adding other forms of Alternative Energy such as renewables".
Asked if he was concerned about rising oil prices affecting inflation around The World if it goes above $100 a barrel, Mr Al Ghais said it was " important not to look at things in a short-sighted manner".
" For next year we see demand continuing to grow north of 2 million barrels A Day - of course, all subject to some of the uncertainties in the global market. Nevertheless, we still feel quite optimistic. . That global oil demand is going to be quite resilient this year".
Mr Al Ghais said That the oil industry will need close to $14tn in investment to the year 2045.
" Energy demand will grow by nearly 25% by the year 2045 compared to what it is Today - and all forms of energy will be required" He Said .
His comments come ahead of a meeting of key oil players on Wednesday in Abu Dhabi for The International Petroleum Exhibition and Conference (ADIPEC).
Related TopicsSource of news: bbc.com