As the OPEC+ meeting in the first days of February only confirmed the oil group is intent on maintaining its strategy and will avoid sudden and drastic moves, Saudi Arabia was facing a peculiar dilemma with its March 2023 official formula prices.
RIYADH, Feb 20 (Reuters) – Decisions by OPEC+ are not politicised and are based on market fundamentals, Saudi Arabian energy minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed.
BP and Shell announced record annual profits of £23bn and £32bn respectively for 2022.
Saudi Arabia, one of the organisation’s most prominent members, believes that the current energy crisis is largely the result of declining investment in hydrocarbons
There is no need for the OPEC+ group of oil producing nations to meet earlier than scheduled, the United Arab Emirates energy minister said on Monday, following Russia’s announcement at the end of last week it would unilaterally cut output.
The OPEC+ group currently doesn’t plan to change the course in its oil production targets after Russia announced a cut in its output for March, two delegates from the OPEC+ alliance told Reuters on Friday.
Oil may resume its rally in 2023 as Chinese demand recovers after COVID curbs were scrapped and lack of investment limits growth in supply, OPEC country officials told Reuters, with a growing number seeing a possible return to US$100 a barrel.
A strong rebound in China’s oil demand this year may lead to the OPEC+ group reconsidering its production targets and quotas, according to the International Energy Agency (IEA).
The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group recommended that no changes be made to the current oil production quotas during a meeting on Wednesday, as widely expected.
Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID-19 cases and deaths plunged from last month’s peak levels.