07/11 Closing Prices / revised 07/12/2024 07:42 GMT |        07/11 OPEC Basket   $86.11   +$0.71 cents 07/11 Mexico Basket (MME) $76.61   +$0.44 cents   05/31 Venezuela Basket (Merey)  $70 45   -$4.36 cents| 07/11 NYMEX WTI  August CLQ24  $82.62 +$0.52 cents  | 07/11 ICE Brent Sept  BRNU24  $85.40 +$0.32 cents  | 07/11 NYMEX Gasoline Aug RBQ24  $2.52 +0.6 %  |  07/11 NYMEX  Heating Oil  Aug  RBQ 24    $2.52  -0.5% | 07/11 Natural Gas August NGQ 24   $2.27  -2.6%  | 07/05 Active U.S. Rig Count (Oil & Gas)    585  +4  | 07/12 USD/MXN Mexican Peso   17.7730 (data live)  | 07/12 EUR/USD  1.0869 (data live)  | 07/12 US/Bs. (Bolivar)   $36.53030000 (data BCV)

OPEC Chief Tells Climate Activists to ‘Look at the Big Picture’ – Bloomberg

Fears over slowing consumption in China and the wider world — which have pushed crude prices 16% lower this month — have been exaggerated, Al-Ghais said.

Haitham al-Ghais, secretary-general of Organization of Petroleum Exporting Countries (OPEC), following a Bloomberg Television interview at the OPEC headquarters in Vienna, Austria, on Wednesday, Aug. 17, 2022.
Haitham al-Ghais, secretary-general of Organization of Petroleum Exporting Countries (OPEC), following a Bloomberg Television interview at the OPEC headquarters in Vienna, Austria, on Wednesday, Aug. 17, 2022. (Bloomberg)

Salma El Wardany, Bloomberg News

Energiesnet.com 02 15 2023

OPEC’s top official urged countries to invest much more in oil to meet the world’s future energy needs and said climate policies need to be more “balanced and fair.”

“It is imperative that all parties involved in the ongoing climate negotiations pause for a moment; look at the big picture,” Haitham Al-Ghais, secretary-general of the Organization of Petroleum Exporting Countries, said Sunday at an energy conference in Cairo. They must “work towards an energy transition that is orderly, inclusive and helps ensure energy security for all.”

His comments came amid a shift among some Western governments and companies regarding fossil fuels. Prices for oil, natural gas and coal surged after Russia’s invasion of Ukraine last February, pushing energy security to the top of the agenda for many leaders.

US President Joe Biden went off-script during his State of the Union speech last week and said: “We’re going to need oil for at least another decade.” In Europe, Shell Plc signaled it will stop accelerating spending on renewable energy, while BP Plc slowed its planned reduction of oil and gas output.

OPEC’s Al-Ghais said the oil industry had been “plagued by several years of chronic underinvestment.” It needs $500 billion of investment annually until 2045, he said.

The United Arab Emirates’ hosting of the COP28 climate summit in late 2023 will “serve as a fresh opportunity to explore inclusive, sustainable and consensus-based solutions to climate change,” said the secretary-general, who’s from OPEC member Kuwait.

The UAE, also part of OPEC, has appointed Sultan Al Jaber, head of national oil and gas firm Adnoc, as president for the summit. While that’s caused some controversy, Al Jaber has said that hydrocarbon producers must be at the forefront of climate talks if the world is to transition to cleaner energy while also ensuring that fuel prices remain affordable.

Al Ghais reiterated that OPEC and its partners — known as OPEC+, the 23-nation alliance is led by Saudi Arabia and Russia — are committed to keeping the oil market stable.

Saudi Arabia and other core OPEC members are unlikely to respond to Russia’s announcement on Friday of a production cut by pumping more, Bloomberg reported.

While Moscow indicated late last year that it may reduce output as a retaliation against Western sanctions, crude prices still jumped on Friday. Brent extended its weekly gain to 8.1%, closing at $86.90 a barrel.

bloomberg.com 02 13 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top