OPEC tends to live in the public mind as a monolithic, unshakeable structure—except when oil prices drop. Yet the group is not as homogenous or, indeed, unanimous as it may see. And its members’ different interests may, at some point, threaten its survival.
Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), highlighted the importance of promoting dialogue in the global energy scene, with the participation of both developed and developing nations, as well as all stakeholders.
Reports of Iran/U.S. talks have surfaced repeatedly over the last couple of years, spooking the markets each time it’s suggested that Iran’s oil could return to the market. But Iran’s crude oil does add a mystery element to the oil markets that transcends demand forecasts.
OPEC last week underlined that Asia’s continued strong economic growth would account for virtually all the growth in demand for oil this year.
Nigeria’s rising crude oil production has reduced the declining output by the other member countries of the Organisation of Petroleum Exporting Countries (OPEC), a survey has shown.
Crude oil demand is set to rise to 110 million barrels daily by 2045, which would be a 23% increase from current levels.
Their hand weakened by slumping crude output, Africa’s OPEC members were strong-armed into accepting lower quotas when the bloc and its allies last convened in Vienna, but say they are prepared to fight for their market share within the Saudi-dominated group.
According to the Organization of Petroleum Exporting Countries (OPEC), Nigeria has reclaimed its status as the continent’s top producer of crude oil for the month of May 2023.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its focus is to exceed the Organisation of Petroleum Exporting Countries (OPEC)’s oil production quota of 1.74 million barrels per day (bpd).
Russian crude oil export data in recent weeks have not reflected any cuts and OPEC+ allies are increasingly frustrated with its non-compliance