Iran has urged OPEC members to halt oil exports to countries supporting Israel, echoing the 1973 oil embargo, which dramatically increased oil prices and altered global economies.
Oil prices slipped more than 1% on Monday as investors adopted caution ahead of a U.S. Federal Reserve policy meeting and China’s manufacturing data due this week, offsetting support from tension in the Middle East.
Energy giant BP has reported lower than expected profits despite global oil prices rising again.
The Organization of the Petroleum Exporting Countries (OPEC) has predicted that world oil demand will rise to 116 million barrels per day by 2045, a larger prediction than its 2022 estimate.
The oil and gas industry should not be stigmatised in the climate debate and the sector has a role to play for an orderly energy transition, Reuters reported, quoting Opec leaders attending a climate event in Saudi Arabia.
OPEC’s crude oil production was 27.45 million barrels per day in August, according to the group’s latest Monthly Oil Market Report (MOMR) published on Tuesday.
Kuwait aims to boost the country’s oil production capacity to 3.5 million barrels per day in 2030
“OPEC’s output is still undershooting the targeted amount by almost 800,000 bpd mainly because Nigeria and Angola lack the capacity to pump as much as their agreed level.”
OPEC has lifted its crude oil demand forecast for 2023, to 2.4 million barrels per day (bpd), according to the group’s latest Monthly Oil Market Report (MOMR) released on Thursday.
The United Arab Emirates has announced that it will not join Saudi Arabia in making voluntary oil production cuts, claiming that the cuts by the Saudis are enough to balance the markets.