Tag: OPEC

OPEC has critiqued IEA’s World Energy Outlook 2024 by arguing that some of IEA’s visions and estimates don’t align with current energy realities.

The Organization of the Petroleum Exporting Countries (OPEC) has released its Monthly Oil Market Report for October 2024, providing key insights into the current state of the global oil market.

The 2024 OPEC World Oil Outlook (WOO) was launched on 24 September at the ROG.E conference in Rio de Janeiro, Brazil.

The International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends at its 150th annual conference in Berlin, Germany.

The OPEC+ countries, which previously announced additional voluntary cuts in April and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on September 5th, 2024, during which the eight member countries emphasized their collective resolve to ensure full compliance with the voluntary production adjustments.

The International Maritime Organization (IMO) has notified the Director of the IOPC Funds, Gaute Sivertsen, that the Republic of Iraq deposited its instrument of accession to the 1992 Fund Convention on 5 August 2024. 

OPEC Secretary General Haitham Al Ghais emphasizes that electrification is often misrepresented as a direct rival to oil, perpetuating the myth that these energy sources operate in isolation. 

OPEC has maintained its forecast for robust global oil demand growth in 2024 and 2025, projecting an increase of 2.25 million barrels per day (bpd) in 2024 and 1.85 million bpd in 2025.

As Brent crude futures experienced declines throughout May and early June, driven by concerns over sluggish oil demand growth and significant inventory builds, market dynamics have clearly shifted, IEA Oil Market Report (OMR) notes.

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman gathered in Riyadh during the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM).