Friday , March 29 2024
Home / Tag Archives: OPEC (page 5)

Tag Archives: OPEC

Global oil demand to record historic growth in 2021: OPEC

Kampala, Uganda | XINHUA | The Organization of the Petroleum Exporting Countries (OPEC) predicts that global oil demand will register a historic high growth of seven million barrels per day (b/d) in 2021, although it will remain far below the pre-COVID-19 level. While the oil market is still ravaged by …

Read More »

Virus crisis adds to woes of Africa’s oil producers

  Libreville, Gabon | AFP | For years, African oil-exporting countries have vowed to wean themselves off crude — but for many, this uphill task may become mountainous after the coronavirus pandemic caused the energy market to collapse. Here is a snapshot of how sub-Saharan oil exporters are faring: – Who …

Read More »

OPEC sees oil market already rebalancing

Paris, France | AFP | The rebalancing of the oil market is underway and will accelerate, the OPEC cartel said Wednesday, days after some of its members voluntarily increased their production cuts. The world oil market was thrown into disarray earlier this year as lockdown measures imposed by governments to slow the spread of the …

Read More »

COVID-19, the knockout punch for multilateralism?

Paris, France | AFP |  The coronavirus pandemic blindsided international organisations, prompted individual states to unilaterally strike out alone and heralded a new chapter in the 21st century’s chief geopolitical rivalry between the United States and China. In the post-COVID-19 era, will multilateralism be dead? Regional and international organisations from the …

Read More »

Crude suffers fresh sell-off but equities temper early losses

Hong Kong, China | AFP |  Oil resumed its painful retreat Wednesday, extending a rout that has torn through energy markets, though stock exchanges in Asia and Europe were mixed following a two-day sell-off. With demand virtually non-existent owing to virus lockdowns, and production still high despite storage at bursting point, …

Read More »

OPEC says oil market undergoing ‘historic shock’

Paris, France | AFP | The OPEC oil cartel said Thursday that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have decimated demand. “The oil market is currently undergoing a historic shock that is abrupt, extreme and at global scale,” said the group …

Read More »

Oil prices, virus, instability put Algeria on edge

Algiers, Algeria | AFP |  Algeria faces economic and social turmoil if crude prices continue to collapse, experts have warned, with the oil-dependent country reeling from a year of popular protests, political turmoil and now, coronavirus. The North African country is an example of how hydrocarbon economies are likely to face …

Read More »