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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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Expectations of an increase in the share of OPEC in global oil production in the coming decades.. Ho

rocky
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Expectations of an increase in the share of OPEC in global oil production in the coming decades.. Ho Empty Expectations of an increase in the share of OPEC in global oil production in the coming decades.. Ho

Post by rocky Tue 07 Dec 2021, 7:04 am

Expectations of an increase in the share of OPEC in global oil production in the coming decades.. How much did it reach?

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LONDON, UK (CNN)--Before the coronavirus pandemic, the United States became a net energy exporter for the first time since 1952, sending a powerful message to the rest of the world: The country will not be beholden to foreign oil producers. But with demand for crude oil rising as the impact of the pandemic wears off, that is no longer the case.

OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, is once again flexing its power. The group's refusal to join US President Joe Biden's calls to raise production - a move that would have helped ease upward pressure on gasoline prices - hastened the decision of the US and other major energy consuming nations last week to tap into strategic oil reserves.


This confirmed the group's market strength, even as the pace of energy transition increased. Oil demand may peak soon if countries meet their zero-emission targets, but OPEC and Russia producers were quick to note that it will not vanish completely. According to climate pledges made through early October, the world is still expected to need 75 million barrels of oil per day by 2050, according to the International Energy Agency.

"This is certainly a period when OPEC and the broader OPEC+ group is finding significant influence over the oil markets," said Richard Bruns, head of geopolitics at consultancy Energy Aspects.
When it comes to oil price dynamics, it is difficult to predict the future. Political or weather-related events can cause a big boom or a big downturn. The pandemic adds to the uncertainty, especially as scientists race to assess the omicron variable. Watch a price crash of more than 20% in recent days that has brought US oil futures back to levels last seen in August.
The Omicron mutator may put OPEC and Russia in the back again. Analysts believe their influence could decline further over the next year as US producers return. But over time, their power could grow — especially as the climate crisis prompts others to cut production, either due to pressure from financial backers or in anticipation of lower demand.
“The only producers who have made the investment needed [to maintain long-term production] are Saudi Aramco and ADNOC,” said Elaine Wald, author of “Saudi, Inc.”, referring to the state oil companies of Saudi Arabia and the UAE. “This shifts the scale to OPEC. "
In the infographic above, we show you a look at the expectations of an increase in OPEC's share of the oil market in the coming decades.
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