OPEC | Egypt Oil & Gas - Part 9
Sources in OPEC Expect Possible Slowdown in Global Oil Demand Next Year
According to OPEC delegates and industry insiders, global oil demand growth will decelerate in 2023, as rising crude and fuel prices help push up inflation and act as a drag on the global economy, Reuters reported. In...
OPEC+ Works to Offset Lower Russian Oil Production
OPEC+ is trying to make up for the economic fallout of plummeting Russian oil production due to Western sanctions against Moscow over Ukraine, according to two OPEC+ sources. Russia may agree to compensate other produ...
El Molla Discusses Developments in Oil Markets with OPEC Secretary General
In a meeting held on the sidelines of his participation in the World Economic Forum in Davos, Minister of Petroleum and Mineral Resources Tarek El Molla expressed Egypt’s appreciation to OPEC Secretary-General Mohamma...
Iraq Shows Support for OPEC’s Decision to Increase Oil Production
The Iraqi Ministry of Oil confirmed its commitment to the decision of the Organization of the Petroleum Exporting Countries (OPEC) as well as its allies to increase oil production, Iraq News Agency (INA) reported. The...
Russian Oil Supply to Plummet to Double in May
The International Energy Agency (IEA) stated that sanctions and consumer reluctance to buy Russian oil will take full effect starting in May, Reuters reported. Expected decreased demand in China, output increases from...
OPEC Tells EU There’s No Substitute for Russia’s Oil Supply
During the OPEC-EU meeting on Monday, OPEC let the European Union know that it would be impossible to find a replacement for Russian oil and sanctions may make supply shocks even worse, Reuters reported. OPEC Secretar...
OPEC+ Commits to Modest Production Increase Despite Western Pressure
OPEC+ group decided to stick to its agreed plan to ramp up oil production only by 432,000 barrels per day (bbl/d) in May, ignoring Western pressure to significantly boost production Al Sharq reported. In a statement ...
OPEC Allows Oil Production Increase by 0.4 mmbl/d in February
During the Organization Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting (ONOMM), the members reaffirmed their decision to adjust the monthly oil production by 0.4 million barrels per day (mmbl/d)...
