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Reuters reveals the size of OPEC's surplus oil capacity.. Does it include Iraq?
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Economy News - follow up
[rtl]Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC), such as Iraq, Saudi Arabia, the Emirates, and Kuwait, still controls almost all of the spare crude production capacity in the world.[/rtl]
[rtl]The agency stated that “surplus energy is idle production that can be provided in times of crises, wars and natural disasters.”[/rtl]
[rtl]She pointed out that “OPEC’s total surplus capacity amounts to 5.1 million barrels per day, including 3.2 million barrels per day in Saudi Arabia, one million barrels in the UAE, 400 thousand barrels in Iraq, and 300 thousand barrels per day in Kuwait.”[/rtl]
[rtl]She indicated that “the largest producers in OPEC, as well as some of their allies, possess surplus capacity as a result of their decisions to reduce supplies to the global market due to the increase in production from non-allied producers such as the United States, Brazil and Ghana.”[/rtl]
[rtl]The agency pointed out that “HSBC Bank, in a report last week, explained that OPEC’s above-average surplus capacity will compensate for the impact of unrest in the Red Sea and increasing geopolitical risks, with the possibility of the price of Brent crude remaining between $75 and $85 per barrel in the long term.” “The average.”[/rtl]
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Added 01/31/2024 - 12:45 PM
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Economy News - follow up
[rtl]Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC), such as Iraq, Saudi Arabia, the Emirates, and Kuwait, still controls almost all of the spare crude production capacity in the world.[/rtl]
[rtl]The agency stated that “surplus energy is idle production that can be provided in times of crises, wars and natural disasters.”[/rtl]
[rtl]She pointed out that “OPEC’s total surplus capacity amounts to 5.1 million barrels per day, including 3.2 million barrels per day in Saudi Arabia, one million barrels in the UAE, 400 thousand barrels in Iraq, and 300 thousand barrels per day in Kuwait.”[/rtl]
[rtl]She indicated that “the largest producers in OPEC, as well as some of their allies, possess surplus capacity as a result of their decisions to reduce supplies to the global market due to the increase in production from non-allied producers such as the United States, Brazil and Ghana.”[/rtl]
[rtl]The agency pointed out that “HSBC Bank, in a report last week, explained that OPEC’s above-average surplus capacity will compensate for the impact of unrest in the Red Sea and increasing geopolitical risks, with the possibility of the price of Brent crude remaining between $75 and $85 per barrel in the long term.” “The average.”[/rtl]
Views 26
Added 01/31/2024 - 12:45 PM
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