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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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    The International Energy Agency issues a warning about OPEC oil

    Rocky
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    • Post n°1

    The International Energy Agency issues a warning about OPEC oil Empty The International Energy Agency issues a warning about OPEC oil

    Post by Rocky Fri Feb 11, 2022 10:46 am

    [size=45]The International Energy Agency issues a warning about OPEC oil
    35 minutes ago[/size]

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    Today, Friday, the International Energy Agency warned of the “chronic” inability of the Organization of Petroleum Exporting Countries (OPEC) to achieve its production targets, while it raised its forecast for oil demand this year under the influence of a statistical review.
    The organization had limited its production in order to support prices within the framework of its agreement with its allies in “OPEC Plus”, but it is now producing additional barrels after raising production by 400,000 barrels per day.
    The 23 member states of “OPEC Plus” decided in early February to maintain the modest increase in their production, despite the threat posed by the high oil price and geopolitical tensions on supplies.
    However, the International Energy Agency points to a “chronic” inability faced by the coalition and its partners to achieve their production goals, which, in addition to geopolitical tensions, contributed to the increase in prices.
    In January, the price of a barrel of West Texas Intermediate crude, similar to Brent crude, rose by more than 16 percent, and the two benchmarks for crude reached record levels not recorded in more than seven years.
    The agency indicated that “if the gap between OPEC Plus production and the target levels continues, the disruption in supply will increase, which increases the possibility of more volatility and upward pressure on prices.”
    And it concluded that "these risks, which bear significant economic repercussions, can be reduced if producers in the Middle East, who have a surplus, compensate the countries whose stocks have run out."
    No country was mentioned, but Saudi Arabia, the coalition leader who often partially compensates for the failures of its other partners, appears to be invited.
    And between December and January, OPEC member countries raised their production by only 64,000 barrels per day, bringing the total production to 27.981 million barrels per day, according to indirect sources mentioned in the organization’s report published Thursday.
    According to the International Energy Agency, global demand is expected to rise by 3.2 million barrels per day this year, bringing daily production to 100.6 million barrels, as restrictions related to Covid-19 are eased.
    This is much higher than the agency's expectations for this year so far (99.7 million barrels per day), but this change can be explained by reviewing historical data related to Saudi Arabia and China. For his part, the expected growth rate has practically not changed.
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