Tag: OPEC

Oil Prices Move Higher As OPEC, IEA Forecast Demand Growth

ADEOLA YUSUF

Two weeks before the start of the COP28 summit in the United Arab Emirates, market watchers are bracing for tough talks as even the creation of a World Bank-led climate disaster fund turned out to be too difficult for participating states. In the Middle East itself, the energy transition is a distant dream as a mere 1% of power generation in Saudi Arabia, Qatar, or Oman comes from renewable sources. Even in the UAE the same metric stands at just 7%. Dependent on hydrocarbon revenue to fund their national budget,…

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Saudi Arabia Rakes In $1Billion From Oil Exports Every Day

ADEOLA YUSUF

Crude production by the Kingdom rose to 10.3 million barrels a day in March, with Brent oil prices averaging $112 a barrel   Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production. The value of crude exports, now almost $1 billion a day, increased by 123% year on year, the kingdom’s statistics office said. READ ALSO: EXCLUSIVE: Buhari Declines Ministerial Consent For ExxonMobil $1.6bn Assets’ Sale To Seplat Oil Theft: Fact And Figures…

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Crude Oil Demand to hit 97.7m barrels daily in 5 Months – OPEC

Tim Bauer

The Organisation of Petroleum Exporting Countries (OPEC) has declared that the World appetite for crude oil would hit 97.72 million barrels daily starting from the next five months. The demand for its crude oil too, the cartel said in a forecast, would surge by 25% to average 29.8 million barrels a day. This projection for 2021, contained in the OPEC’s latest Monthly Oil Market report obtained by Platforms Africa ahead its official release, is higher than the level required in 2019. The report was embargoed until Wednesday when this story…

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