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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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    OPEC responds to criticism from the International Energy Agency

    Rocky
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    • Post n°1

    OPEC responds to criticism from the International Energy Agency Empty OPEC responds to criticism from the International Energy Agency

    Post by Rocky Fri 28 Apr 2023, 5:26 am

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    [size=41]OPEC responds to criticism from the International Energy Agency[/size]
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    OPEC responded to criticism from the International Energy Agency (IEA), and the Organization of Petroleum Exporting Countries renewed its warnings about the impact of declining investment in the hydrocarbon sector on global energy security.
    “OPEC” confirmed in a statement that it or the “OPEC +” group do not target a specific price for a barrel of oil, but rather focus on the market and investment, noting that there are other markets that are more volatile than the oil market.
    The organization quoted its Secretary-General Haitham Al-Ghais: “In response to the recent comments from the International Energy Agency, which criticizes “OPEC” and “OPEC +”, the Secretary-General of “OPEC” reiterated once again that “OPEC” and “OPEC +” do not target oil prices, but They focus on market fundamentals and securing vital investments in oil, an industry the world desperately needs.”
    The Secretary-General of the Organization of “OPEC” stressed that “blaming oil for inflation is wrong and technically incorrect, because there are many other factors that cause inflation.”
    The Secretary-General of the Organization added that the International Energy Agency should “be very careful about further attempts to undermine investments in the oil industry,” stressing that investments in the oil sector are an important issue for global economic growth.
    Earlier this April, the International Energy Agency indicated in its monthly report that a number of “OPEC +” countries, including Saudi Arabia, announced a voluntary reduction in production from May until the end of the year by 1.16 million barrels per day, while Russia extended its reduction. voluntary by 500 thousand barrels until the end of the year.
    The agency said that “a large deficit is expected in the second half of 2023, and new cuts may lead to a jump in oil prices, while inflation “hits vulnerable consumers, especially in emerging and developing economies.”
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