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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    A Western report is betting on the collapse of the “OPEC Plus” alliance

    Rocky
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    A Western report is betting on the collapse of the “OPEC Plus” alliance Empty A Western report is betting on the collapse of the “OPEC Plus” alliance

    Post by Rocky Mon 31 Jul 2023, 6:54 am

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    [size=41]A Western report is betting on the collapse of the “OPEC Plus” alliance[/size]
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    Despite the huge oil price gains caused by Russia's war in Ukraine last year, OPEC members are reaping hugely disproportionate returns from a shrinking basket. Indeed; The alliance is under severe pressure due to the decline in oil demand and lack of coordination among members, and some experts believe that “OPEC Plus” is at risk of collapsing in the near term.
    The “Oil Price” website published a report on the future of the OPEC Plus alliance. Considering that these are the best and worst times for OPEC; Depending on which member you are asking about.
    The site said, in its report, that 2022 was a distinguished year for “OPEC Plus.” with nominal revenue at its highest level since 2013; to $888 billion for 2022, according to figures from the US Energy Information Administration; They increased by a whopping 54 percent from 2021 levels and slightly higher than the 2014 total, after which oil prices began their long decline. However, the real numbers are not rosy; Once inflation is factored in, prices are actually down by about a fifth compared to 2014, though it's still a significant 43 percent increase from last year.
    And the site stated that “OPEC” revenues may appear to be on a significant upward trend after the epidemic thanks to high oil prices, but the actual number of barrels being sold is still alarmingly low. “While the amount increased last year, it remained below pre-pandemic levels and among the lowest in any year so far this century,” Bloomberg reported earlier this month. “In fact, Taking all factors into account, real per capita export earnings in 2022 are lower than they were in 2009, when global GDP shrank and nominal oil prices fell by about 40 percent.
    The site stated that “OPEC” is concerned for understandable reasons. In the wake of last year's war windfall, Saudi Arabia - the group's de facto leader - pushed for sharp production cuts in order to keep oil prices high, but a further drop in the amount of barrels produced and sold backfired for the government. Saudi Arabia. this week only; The International Monetary Fund cut its growth forecast for Saudi Arabia from 3.2 percent to just 1.9 percent, citing “production cuts announced in April and June in line with an agreement through OPEC Plus” as a driving factor for the revised forecasts, and this decline represents a complete turnaround for Saudi Arabia. , which was the fastest growing economy
    The site added that the burden of production cuts - and the resulting economic blow - is not borne equally by the “OPEC Plus” members. Greg Priddy, a consultant at Spot Run Advisory and a senior fellow at the Center for the National Interest in Washington, D.C., told Middle East Eye earlier this month: “Russia has been pretty much cheating and avoiding cuts in Saudi Arabia. ". In fact, the International Energy Agency stated that Saudi Arabia is on its way to losing its position as the largest oil producer in “OPEC Plus”; Where Russia is set to overtake it.
    The site stated that “OPEC” needs Russia in order to maintain its ability to control oil prices. As “Bloomberg” published a report in which it said that “a growing number of OPEC members have far exceeded their prime in terms of production capacity anyway, and they have stumbled differently due to war, sanctions and mismanagement.” But the shift of power away from Saudi Arabia and towards Russia raises a major problem for the group's cohesion, and perhaps its longevity.
    The site concluded its report with statements by Per Leander, Director of the Clean Energy Transition Foundation, which he made last week to CNBC; He said he was “very sure” that the “OPEC+” alliance would break, adding that “the more negative growth there is, the less you cooperate.” And if the “OPEC Plus” coalition, which currently controls about 40 percent of the world’s crude oil, breaks away, oil prices could drop to $35 a barrel.
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