Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

OPEC daily basket price stood at $75.19 a barrel Tuesday, 30 May 2023

OPEC highlights DoC’s positive contributions to market stability

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), HE Haitham Al Ghais, underscored the positive contributions made by OPEC Member Countries and non-OPEC oil-producing countries participating in the Declaration of Cooperation (DoC) to support sustainable stability in the global oil market.
The Secretary General made these remarks on Tuesday, 30 May 2023, during the 139th Meeting of OPEC’s Economic Commission Board (ECB). The meeting is planned for two days: 30-31 May 2023.

The Secretary General also stated that “this group of countries have, when required, undertaken extraordinary efforts to stabilize the oil market in these extraordinary times, in the interests of producers, consumers, the oil industry and the wider global economy.”

While highlighting the investment challenges facing the oil industry, the OPEC Secretary General noted that “underinvestment has resulted in shrinking spare capacity, production constraints and reduced refinery output at a time when demand for crude and oil products continues to rise.”

“All industry policymakers and stakeholders need to work together to ensure a long-term investment-friendly climate, with sufficient finance available. One that works for producers and consumers, and developed and developing countries,” Al Ghais said.

The ECB is the Organization’s economic and technical think-tank, which meets twice a year in advance of the biannual Ordinary Meetings of the OPEC Conference. The Board regularly reviews market conditions and developments in the world economy.


Information Source: Read More

Energy Monitors , Electric Power , Natural Gas , Oil , Climate , Renewable , Wind , Transition , LPG , Solar , Electric , Biomass , Sustainability , Oil Price , Electric Vehicles,

#FOLLOW US ON INSTAGRAM