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Driven by expansion in developing countries, global energy demand is set to increase by 35 per cent by 2040, with investments keeping pace, OPEC said in its new World Oil Outlook 2040.
His Excellency Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), recently spoke with Julian Walker of Pipeline Magazine about OPEC’s ongoing efforts to bring lasting stability to the global…
The latest edition of the OPEC World Oil Outlook predicts oil will remain the world’s largest source of energy over the next two decades, despite the increasing importance of renewables.
Last week OPEC defied its doubters when it agreed to its first production cut, of 1.2 million bpd, in eight years with OPEC members in Vienna making good on the promise they made in Algiers back in September.
The Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC) agreed in Kuwait to review whether their deal of production cuts should be extended for another six months after reporting a conformity of 94 per cent so far this year, OPEC said.
OPEC’s ministerial committee recommended cutting oil production for another nine months, just ahead of a Vienna meeting between members and allies to finalize the extension to a Dec. pact.
OPEC raised demand forecast for its crude in coming quarters, lifting chances of a market rebalancing as its August production slipped.
An EIA report has revealed that oil revenues for OPEC nations fell from $753 billion in 2014 to $404 billion in 2015. The report predicts that revenues for 2016 will fall to $341 billion.
Saudi Arabia and its Gulf OPEC allies are willing to cut 4 percent from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart, sources familiar with the matter told Reuters.
OPEC's will limit its production levels to a maximum of 33 million barrels per day. The cartel will ratify the agreement in November, when it will also confirm whether it will impose country specific quotas.