Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman participated in a virtual meeting last Sunday, during which they agreed to increase oil production by 188,000 barrels per day next month.  

This marks the fourth consecutive month that OPEC+ has increased its production, “despite the United Arab Emirates’ departure from OPEC on May 1 and the dissolution of the broader OPEC+ alliance.”

The adjustment announced by these seven OPEC+ countries is part of their “collective commitment to support oil market stability,” according to a statement.

A meeting of these seven countries is scheduled for July 5 to make further decisions. However, they have indicated that they will maintain full flexibility to adjust their production according to market conditions.

M.Pino

Source: xinhuanet

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Starting next October, the Organization of the Petroleum Exporting Countries (OPEC+) will increase production to 137,000 barrels per day, according to eight members at a virtual meeting last Sunday, September 7.

Thus, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to this production increase following the “voluntary adjustments of 1.65 million barrels, which were previously implemented in April 2023.”

Representatives of these eight nations indicated that the 1.65 million barrels of crude oil per day “will be gradually subject to changing market conditions.” The governments will closely monitor market conditions, maintaining a cautious and flexible approach.

They reiterated their “collective commitment to act in full compliance with the Declaration of Cooperation, as well as the voluntary production adjustments that will be evaluated by the Joint Ministerial Monitoring Committee.” They will hold another meeting on October 5 to review the international market.

M.Pino

Source: notitarde

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The recent decision by eight OPEC+ members to maintain the increase in crude oil production in May led prices to extend their previous losses.

On Thursday, April 3, Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Algeria, Kazakhstan, and Oman decided to maintain the increase in production in May, at 411,000 barrels of oil per day.

“Oil prices, which had already lost more than 4 % following US President Donald Trump’s announcement of imposing tariffs on his trading partners, deepened their decline,” the statement said. On the other hand, OPEC+ also announced that there will be another 3.65 million bpd in production cuts through the end of 2026 to support the market.

The eight OPEC+ members had considered increasing production by 135,000 bpd next month “as part of a plan to gradually unwind their most recent layer of cuts.”

However, at last week’s virtual meeting, they approached their decision differently. Upon learning of the measure, OPEC justified the decision by citing “the continuation of healthy market fundamentals and the positive market outlook,” which “includes the increase originally planned for May, in addition to two monthly increases.”

The eight member countries will meet again on May 5 to decide on the production quota for the month of June.

M.Pino

Source: finanzasdigital

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The European Commission has assigned this Thursday an additional 25.5 million euros to combat the food crisis in several African countries, a situation exacerbated by the Russian aggression against Ukraine, and to help those displaced by internal conflicts.

As reported in a statement by the European Executive, within the framework of an adjustment of the humanitarian items of the European Union last year, the countries benefiting from additional funds will be Sudan, with 10 million; countries in Southern Africa and the Indian Ocean region, with 5.5 million; Central African Republic, with 4 million; and Algeria, Cameroon and Chad, with two million euros each.

The supplementary funds will be used to strengthen social protection programs in terms of food aid, nutrition, access to water, sanitation and hygiene. The items will also be used to support recently displaced populations and host communities.

The Crisis Management Commissioner, Janez Lenarcic, has insisted that the EU will continue to show solidarity with the African continent to weather the global consequences of the Russian military invasion, in addition to the situation of internally displaced persons due to conflict in Africa.

“In several African countries, millions of people face food insecurity and are on the brink of starvation. In other parts of the continent, the effects of the food crisis are compounded by the deteriorating security situation and increased violence, which causes internal displacement and loss of livelihoods”, Lenarcic explained, pointing to the situation in Sudan.

Likewise, the Slovenian commissioner pointed out that the increasingly recurring extreme weather events in countries like Cameroon are causing new waves of internally displaced persons on the continent.

Source: dpa

(Reference image source: European Commission / Europa Press)

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Last November, the United States resumed first place as the main source of natural gas supply to Spain, with 20.6 % of the total, after having been surpassed in September and October by Algeria, according to data from the Enagás bulletin.

Specifically, the consumption of natural gas from the United States reached 7,157 gigawatt hours (GWh) in November. In this way, the North American country stands in this 2022 as the main supplier of Spain, with 28.5 % of the total, followed by Algeria (23.7 %) and Nigeria (14.5 %).

In November, Algeria, historically Spain’s main supplier until the ‘sorpasso’ by the United States occurred at the beginning of the year, ranked second, with 18.4 % of total consumption, with 6,393 GWh.

Concerning Russia supply, imports in November amounted to 5,953 GWh, 17.1 % of the total in the period, standing so far in 2022 at 48,406 GWh (11.9 %). However, most of this gas comes from the production of Yamal LNG, which does not depend on the Russian gas giant Gazprom, but on the private company Novatek.

On the other hand, in November the export balance to France increased, with 2,025 GWh, already amounting to 8,836 GWh in the accumulated year.

Regarding the demand for gas so far this year (from January to November), it remains practically at the same levels (-1.0%) compared to the same period last year, despite the drop registered in November of 30% compared to the same month a year ago.

Specifically, the total demand for gas stood at 28,013 GWh last November, with a decrease of 32.1 % of the conventional one – that destined for domestic, commercial, industrial and co-generation consumption – and of 25.7 % of that allocated to electricity generation.

This significant drop in demand in November was mainly due to higher temperatures  – 3.1 degrees Celsius more than the same month of the previous year – and lower industrial consumption, while the role of the natural gas as backup for renewables in increased consumption for electricity generation so far this year.

Source: dpa

(Photo: time.news, via web)

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