Menu

OPEC

104466181-OPEC_flag_sign.1910x1000

OPEC, AfDB in partnership to support economic in Africa

, ,

The Organization of Petroleum Exporting Countries (OPEC) Fund for International Development and the African Development Bank Group have signed a memorandum of understanding to expand their partnership to support sustainable economic and social development in Africa.

The agreement was signed at the 27th United Nations Climate Conference (COP27) in Sharm El-Sheikh, Egypt on 8 November.

It sets the scope for further strategic and operational cooperation through co-financing of public and private sector projects, joint diagnostic and analytical work, and sharing of knowledge and best practices.

The OPEC Fund and the African Development Bank Group have been partners since 1976. They have so far co-financed nearly 90 projects in the energy, transport and water sectors, with more than $1 billion of OPEC Fund contribution for over $15 billion of the total project value.

Signing the agreement, OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “Promoting sustainable development in Africa has been our focus, with more than half of our historic commitments dedicated to the continent.’’

“ The MoU signals our ambition and preparedness to do more and support African economies in tackling the multiple development challenges they are facing. We share a common vision and values with African Development Bank and look forward to boosting our impact across Africa.”

African Development Bank Group President Dr. Akinwumi Adesina said: “We are pleased to re-dynamize the partnership between the African Development Bank and the OPEC Fund for International Development.

“Our two institutions are focused on how to improve the lives of people and there is a very strong alignment between our approaches. The signing of this memorandum of understanding today will strengthen and deepen our cooperation even further.”

OPEC-2

OPEC to launch World Oil Outlook at ADIPEC

, , ,

The 2022 Organisation of Petroleum Exporting Countries (OPEC) World Oil Outlook (WOO) will be launched at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022 in the United Arab Emirates (UAE).

OPEC in a statement obtained from its website on Friday said the launch would be held in the ICC Room on Oct. 31, 2022.

First published in 2007, the WOO provides an in-depth review and analysis of the global oil and energy industries, and offers assessments of various scenarios in the medium-and long-term development of the oil industry.

It said OPEC’s Secretary-General, Haitham Al Ghais, along with OPEC experts, would present the major findings of the WOO 2022, as well as introduce a video with key messages from the publication’s 16th edition.

This, it said would be followed by a panel discussion and Questions and Answers session with management and analysts from OPEC’s Research Division.

According to the statement, the launch will also feature keynote remarks from ministers and the chief executive officers of oil companies.

“The publication provides insights into the upstream and downstream, supply and demand, investments, the potential impact of policies, and issues related to environment and sustainable development.

“It also provides expert analysis of many of the challenges and opportunities facing the global oil and energy industry,” it said.

The statement quoted Al Ghais as saying: “The WOO is an indispensable reference tool that underscores the organisation’s commitment to impartial analysis, data transparency and the enhancement of dialogue and cooperation.

“This is extremely valuable given events in 2022, and the challenges and opportunities the energy industry will face in the years and decades ahead.”

ADIPEC 2022, which will be held under the Patronage of His Highness Sheikh Mohamed Bin Al Nahyan, President of the UAE, will be hosted by the Abu Dhabi National Oil Co (ADNOC).

This year’s event focuses on helping the energy industry tackle the dual challenge of meeting today’s growing energy needs with fewer emissions, and investing in the systems of tomorrow.

This year’s publication will again be accompanied by a smart app to give increased access to the WOO’s vital analysis and energy data, as well as a comprehensive website version.

OPEC-2

OPEC intends upward adjustment in oil production for September

,

The Organisation of Petroleum Exporting Countries (OPEC) says its upward adjustment of 0.1 million barrel per day (mb/d) to the overall oil production level is only intended for September 2022.

OPEC made this known at its report on the 32nd OPEC and non-OPEC Ministerial Meeting held via video conference on Monday.

The 19th and 29th OPEC and non-OPEC Ministerial Meetings approved upward adjustment of overall production for August 2022 by 0.648 mb/d.

According to the meeting, the required production level of August and October, 2022 for OPEC and non-OPEC Participating Countries remains the same.

Required production level for Nigeria was 1,830 mb/d in September while 1,826 mb/d was required in October and August.

The meeting decried adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.

It said that higher volatility and increased uncertainties required the continuous assessment of market conditions and a readiness to make immediate adjustments to production in different forms, if needed.

It also added that OPEC+ had the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with these challenges and provide guidance to the market.

It reiterated the critical importance of adhering to full conformity and to the compensation mechanism.

“Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting while 33rd OPEC and non-OPEC Ministerial Meeting holds on Oct. 5.

opec-1

OPEC explains upward adjustment of  oil production level

, ,

The Organisation of Petroleum Exporting Countries (OPEC) says its upward adjustment of 0.1 million barrel per day (mb/d) to the overall oil production level was only intended for September 2022.

OPEC made this known at its report on the 32nd OPEC and non-OPEC Ministerial Meeting held via videoconference on Monday.

The 19th and 29th OPEC and non-OPEC Ministerial Meetings approved upward adjustment of overall production for the month of August 2022 by 0.648 mb/d.

According to the meeting, the required production level of August and October, 2022 for OPEC and non-OPEC Participating Countries remains the same.

Required production level for Nigeria was 1,830 mb/d in September while 1,826 mb/d was required in October and August.

The meeting decried adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.

It said that higher volatility and increased uncertainties required the continuous assessment of market conditions and a readiness to make immediate adjustments to production in different forms, if needed.

It also added that OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with these challenges and provide guidance to the market.

It reiterated the critical importance of adhering to full conformity and to the compensation mechanism.

“Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting while 33rd OPEC and non-OPEC Ministerial Meeting holds on Oct. 5.

oil_1

OPEC daily basket price now at $98.27 per barrel

, , ,

The price of The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 98.27 dollars per barrel as at Thursday, Sept. 1.

The price dropped from 101.04 dollars per barrel of it sold on Wednesday.

OPEC Secretariat calculations reveals on Friday.

The OPEC Reference Basket of Crudes (ORB) is made up of the Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), and Iran Heavy (Islamic Republic of Iran).

Others are Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia) and Murban (UAE) and Merey (Venezuela).

oil_1

OPEC daily basket price now at $101.04 per barrel

,

The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 101.04 dollars per barrel as at Wednesday.

This is compared with 106.41 dollars per barrel recorded on Tuesday, according to OPEC Secretariat calculations in Abuja on Thursday.

The OPEC Reference Basket of Crudes (ORB) comprises Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon) and Iran Heavy (Islamic Republic of Iran).

Others are Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

OPEC-2

OPEC daily basket price now at $104.85 per barrel

,

The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 104.85 U.S dollars per barrel as at Monday, Aug. 29.

This is compared with 103.89 U.S. dollars per barrel of the previous Friday, according to OPEC Secretariat calculations on Tuesday.

The OPEC Reference Basket of Crudes (ORB) is made up of the Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy and (Islamic Republic of Iran).

Others are: Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey.

OPEC-2

OPEC not expecting oil market conditions to ease into 2023

,

OPEC expects conditions on the oil market to remain tight into the coming year, with demand rising faster than supply, according to a report from the cartel’s research department released in Vienna on Tuesday.

It said in its initial report on the oil market for 2023 that growth in demand would exceed growth in supply by a million barrels.

At the end of July, OPEC+, which includes non-OPEC producers, significantly Russia, announced an increase in output by 648,000 barrels per day.

Following a rapid rise in oil prices in response to the Russian invasion of Ukraine, OPEC+ came under pressure to increase output.

Aalysts, however, believe that certain members of the cartel are not meeting the targets set.

According to OPEC estimates, global demand for crude will rise by 2.7 million barrels per day, supported by economic growth in emerging markets.

Balancing supply and demand would require the cartel to produce an average of 30.1 million barrels per day, whereas analysts put OPEC output in June at just 28.7 million barrels.

Dr-Mohammad-Sanusi-Barkindo

World Bank lauds Barkindo’s role on OPEC deals

The Board of the World Bank Group has lauded Dr Muhammad Barkindo, Secretary-General, Organisation of the Petroleum Exporting Countries (OPEC) on his role in the historic signing of the OPEC+ deal with Russia and other major producers.

Mr Roman Marshavin, Executive Director, representing the Russian Federation, of the group gave the commendation in a letter he addressed to the Secretary-General on Friday to congratulate him towards the end of his tenure.

OPEC Secretary-General’s tenure will end on July 31, 2022.

Marshavin, while commending Barkindo said the agreement helped to ensure unprecedented and prolonged stability on the oil markets.

He said it propelled global economic growth and

facilitating fast economic recovery even during the COVID-19 pandemic.

He said moreover, it created relations based on trust between OPEC and non-OPEC producers, which were spreading to other spheres and strategic matters.

“I would like to offer my most sincere congratulations on the completion of your appointment withthe OPEC. I am certain it has been a very satisfying and enjoyable experience for you, as well as rewarding in terms of personal growth.

“Under your leadership and guidance, the OPEC was transformed into one of the most impactful international organisations in the world.

“I believe the OPEC’s mission becomes even more crucial today as we’re diving deeply into the green energy transition.

“Inexperienced policymakers might be unaware of the intricacies of global

energy markets and the complex inter-linkages between energy, development, and sustainability.

“Your strong voice in support of fossil fuels has been invaluable for both producer and consumer countries. It is my hope that your wisdom and the vision for a great OPEC will persist long after your departure,” he said.

He described the OPEC boss as an inspiring example of a skilled and very talented professional, but also of a loyal and genuine friend.

“Because of your hospitality, OPEC headquarters indeed turned into a second home for my Russian colleagues and me,” he added.

OPEC-2

Launch of OPEC Africa Dialogue is cardinal achievement – Barkindo

Mr Mohammad Barkindo, the Secretary-General, Organisation of Petroleum Exporting Countries (OPEC), said one of its cardinal achievements was the launch of the inaugural OPEC Africa Dialogue in June  2021.

Barkindo made this known on Friday in a letter he addressed to Mr Anibor Kragha, the Executive Secretary, African Refiners and Distributors Association (ARDA).

He said the launch could not have been realised without the ARDA and the excellent leadership of its executive secretary.

“As I prepare for the end of my tenure as Secretary-General of OPEC on July 31, 2022, I am taking the time to say farewell to many of the key stakeholders I have had the privilege to work with over the last six years.

“Indeed, I am taking stock of the myriad accomplishments that, together, we have been able to achieve.

“And, perhaps even more importantly, the excellent relationships that have developed and the personal bonds that were forged during this exciting yet challenging period of time,” he said.

He said the ARDA, in partnership with the African Energy Commission (AFREC) and African Petroleum Producers’ Organiation (APPO), paved way for the establishment of a historical partnership that would have a lasting legacy for OPEC and its member countries.

He said it was the newest of OPEC’s portfolio of international energy dialogues, and came as the organisation had witnessed an expanding African membership.

“In fact, we have proudly welcomed three new Members from Sub-Saharan Africa during my short tenure alone.

“Congo joined OPEC in 2018, Equatorial Guinea joined in 2017 and Gabon rejoined in 2016, after having been a member for two decades, from 1975 until 1995.

“These newer members are building upon an already strong continental foundation, which includes Libya, which joined OPEC in 1962, Algeria in 1969, Nigeria in 1971 and Angola in 2006,” he said.

He further explained that all-together, since 2018, Africa was the continent with the highest number of member countries in OPEC.

According to him, throughout OPEC’s 62-year history, African member countries have played a key role in meetings and decisions in support of the organisation’s efforts on the global stage to promote stability in the global oil market.

This, he said, was in the interest of producers, consumers and global economy.

“We look forward to continued fruitful collaboration with ARDA, in addition to AFREC, APPO and other leading African partners.

“Together we seek to strengthen and empower Africa to reach its full potential as a leading global provider of sustainable energy to help meet the world’s growing energy requirements.

“I wish you all the very best of success as you continue to admirably and ably lead ARDA and make significant contributions to Africa and its energy industry,” he said.

Load More