Bengaluru, Feb 6 (IANS): OPEC Secretary General Haitham Al Ghais on Monday said that by 2045, an investment of $12 trillion is needed in the oil and gas sector, which suffers from chronic underinvestment.
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).
Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and US government data on crude and fuel stockpiles on Wednesday.
The influx of Russian crude into the Asian markets is changing the market dynamics in the region and easing pricing pressures, to the relief of many buyers.
After a decade of exponential growth, the U.S. shale patch is no longer the swing producer on the global markets. That role is now back in the hands of OPEC and its largest and most influential members in the Middle East, analysts and industry executives say.
Signs of cautious optimism about a recovery in economies and oil demand have emerged, OPEC Secretary General Haitham Al-Ghais told Bloomberg Television in an interview on Tuesday.
We have pledged one of the biggest steps in the history of our organisation — to reach net zero in 10 years. For any company in any sector, that is a huge goal. For us, it is an ambitious target. We are a fossil fuel company in a country that is the third-largest member of Opec.
CAIRO – OPEC+ is facing “volatile prospects” in oil markets both in supply and demand, UAE energy minister Suhail al-Mazrouei told Asharq TV on Saturday.
OIL and gas (O&G) companies are showing an increased awareness and focus on environmental, social and governance (ESG) and sustainability aspects.
The Ministry of Energy and Mines (MINEM) has identified more than 30% of families in vulnerable conditions throughout the country, to provide them with social benefits, in order to achieve energy inclusion in the regions.