02 October 2020 | Vienna, Austria, October 2, 2020 – The technical workshop with agencies forecasting global oil demand and non-OPEC supply concluded today, October 2, 2020. The disagreement sparked by a request by the UAE to temporarily increase its own production has temporarily overturned an earlier cartel meeting. In a statement on Sunday, the cartel announced that Iraq, Kuwait, Russia, Saudi Arabia and the United Arab Emirates would increase their borders. 06 Oct 2020 | Vienna, Austria, 6 October 2020 – The OPEC Secretariat today held the first technical workshop of OPEC and the African Energy Commission (AFREC) by videoconference. November 30, 2020 | The 180th meeting of the OPEC conference has been postponed until today. Member States` delegations will meet again tomorrow (1 December) to continue discussions. Once muscular enough to grind the United States. To block its 1970s oil embargo, OPEC needed non-members like Russia to impose a production cut in 2016 after prices fell below $30 a barrel in the face of rising U.S. production.
This agreement in 2016 gave birth to the so-called OPEC+, which joined the cartel to cut production in order to boost prices. After cutting production by about 10 million barrels per day last year, oil producers are still delivering about 5.8 million barrels less per day than before the pandemic, meaning Sunday`s deal would bring production back to pre-pandemic levels by September 2022; the group will reassess the decision in December. September 30, 2020 | Vienna, Austria, 30 September 2020 – The OPEC Secretariat today announced the 18th anniversary of the OPEC Secretariat. Coordination meeting on climate change held by videoconference. November 11, 2020 | Vienna, Austria, 11 November 2020 – OPEC Secretary-General Mohammad Sanusi Barkindo today participated in a ministerial-level roundtable hosted by the Gas Exporting Countries Forum (GECF) to discuss natural gas and its key role as an energy source in a post-COVID world. Prince Abdulaziz welcomed Sunday`s agreement and, despite the recent turbulence, gave a cheerful assessment of the future. In this January 8, 2020 file photo, UAE Minister of Energy Suhail al-Mazrouei is participating in the 2020 UAE Energy Forum in Abu Dhabi, United Arab Emirates. Al-Mazrouei said on Sunday that OPEC and allied countries had reached a “full agreement” after an earlier dispute that plunged oil prices into turmoil. Kamran Jebreili/AP Hide the legend 22 Oct 2020 | [Joint press release] The International Energy Agency (IEA), the International Energy Forum (EIFI) and the Organization of the Petroleum Exporting Countries (OPEC) met today via videoconference for the 7th Joint IEA-ESI-OPEC Workshop on Interactions between Physical and Financial Energy Markets.
Starting in August this year, the cartel said it would separately increase its production by 400,000 barrels per day per month. This will phase out current oil production of 5.8 million barrels by the end of 2022, as provided for in the original agreement. In the United Arab Emirates, core production, from which reductions are calculated, will increase from 3.168 million barrels per day today to 3.5 million barrels per day from May 2022. 08 October 2020 | The OPEC World Oil Outlook (WOO) 2020 was presented today in Vienna, Austria, providing the OPEC Secretariat with a detailed overview of the unprecedented scale and impact of the COVID-19 pandemic on global energy and oil markets, an assessment of the medium- and long-term outlook, and an analysis of various alternative scenarios and sensitivities that could impact the oil industry in the years to come. The decision comes after UAE producers terminated a deal earlier this month because it also extended oil production limits until the end of 2022 – something Saudi producers argued was necessary to prevent an excessive supply of oil that could fuel prices; Saudi Arabia agreed last week to raise these limits. 01 October 2020 | Vienna, Austria, 1. October 2020 – The OPEC Secretariat today hosted a technical workshop via videoconference to discuss global oil demand and non-OPEC supply forecasts. To overcome disagreements, OPEC+ has agreed to new production quotas for several members, including the United Arab Emirates, Saudi Arabia, Russia, Kuwait and Iraq, starting in May 2022. At around $72 a barrel on Sunday, the price of a barrel of West Texas Intermediate has fallen nearly 5% since Saudi Arabia and the United Arab Emirates struck their deal, but they are still at their highest level since October 2018. to do our best to achieve market equilibrium and help everyone,” al-Mazrouei said. He hailed the agreement as a “comprehensive agreement” between all parties.
02 November 2020 | Vienna, Austria, 2 November 2020 – Mohammad Sanusi Barkindo, Secretary General of OPEC, and Joseph McMonigle, Secretary General of the IEF, discussed a number of energy-related topics in the first IEF podcast today. Oil soars as OPEC+ argues over how to reopen taps fairly (Forbes) “What unites us is far beyond what you imagine,” Saudi Energy Minister Prince Abdulaziz bin Salman said. “We differ here and there, but we connect.” However, Abu Dhabi`s powerful crown prince, Mohammed bin Zayed, the country`s de facto ruler, and Saudi Crown Prince Mohammed bin Salman have been close over the years. The two leaders are expected to meet in Saudi Arabia on Monday. MOSCOW/DUBAI/LONDON, 18. JULY (Reuters) – OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices, which hit annual highs of 2 1/2 as the global economy recovers from the coronavirus pandemic. 05 November 2020 | [Joint conclusion] The OPEC Secretariat hosted the 4th High-Level Meeting of the OPEC-India Dialogue by videoconference on 5 November 2020. The meeting was co-chaired by His Excellency Mohammad Sanusi Barkindo, Secretary General of OPEC, and His Excellency Dharmendra Pradhan, India`s Minister of Oil and Gas and Minister of Steel. Oil prices collapsed amid the coronavirus pandemic as demand for kerosene and gasoline plummeted amid global lockdowns and oil futures briefly traded negatively. Since then, demand has picked up as vaccines, while still unevenly distributed around the world, reach the guns in the world`s major economies. Subscribe to our daily newsletter to receive the latest exclusive Reuters coverage in your inbox.
Benchmark Brent crude was trading at around $73 a barrel on Friday. 13 October 2020 | Vienna, Austria, 13 October 2020 – The OPEC Secretariat, in cooperation with the Energy Charter Secretariat (ECS) and the OPEC Fund for International Development, hosted the second annual OPEC Legal Workshop on “Energy Transition Law” by videoconference. November 16, 2020 | Vienna, Austria, 16 November 2020 — The Joint Technical Committee (JCC) met for its 46th meeting by videoconference to prepare for the 24th meeting of the Joint Ministerial Meeting (JMCMC) scheduled for Tuesday, 17 November 2020. November 30, 2020 | Delivered by His Excellency Abdelmadjid Attar, Algerian Minister of Energy and President of the OPEC Conference, during the 180th Session of the OPEC Conference on 30 November 2020 by videoconference. LONDON, July 2 (Reuters) – OPEC+ agreed on Friday to launch more oil from August and extend the duration of its pact on its remaining production restrictions longer, although the United Arab Emirates still opposes the extension, an OPEC+ source said. Prince Abdulaziz adjourned at the beginning of a subsequent press conference as a sign of respect for al-Mazrouei. 27 October 2020 | [Joint press release] The fourteenth high-level meeting of the Energy Dialogue between the European Union (EU) and the Organization of the Petroleum Exporting Countries (OPEC), hosted by OPEC, was held by videoconference on 27 October 2020. Saudi Arabia and Russia will see their underlying assets increase from the current 11 million to 11.5 million barrels per day each. In Iraq and Kuwait, their underlying assets will increase by 150,000 bpd each. From August to December 2021, the group will increase its supply by an additional 2 million barrels per day, or 0.4 million barrels per month, OPEC said in a statement. The goal is to completely eliminate the reductions by September 2022.
OPEC+ agreed in 2020 to remove a record 10 million barrels of crude oil per day from the market to raise prices. It slowly added about 4.2 million barrels over time. . November 24, 2020 | The terrorist attack, in which a fire broke out in a fuel tank at a petroleum products service station in northern Jeddah, Saudi Arabia, is a cowardly act against a key facility that contributes to the distribution of vital energy needs. .