ANI
04 Aug 2022, 08:33 GMT+10
Vienna [Austria], August 4 (ANI): The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC participating countries have decided to raise crude oil production level by just 100,000 barrels per day for the month of September.
The decision was taken at the 31st OPEC and non-OPEC Ministerial Meeting that was held via videoconference on Wednesday.
Reportedly, they rose production level by 648,000 barrels per day in July and August.
Ever since the conflict broke out in Ukraine, the supply chain disruptions in crude oil have persisted, causing a rapid rise in its prices. Prior to the conflict, crude oil was around USD 90 per barrel and rose to as high as USD 115 in less than a week after the conflict in late February. However, recently crude oil prices have retreated from their highs to trade below USD 100 per barrel.
During the latest meeting, concerns were raised that insufficient investment into the sector will impact the availability of adequate supply in a timely manner to meet growing demand beyond 2023 from non-participating non-OPEC oil-producing countries, some OPEC Member Countries and participating non-OPEC oil-producing countries.
"It noted that preliminary data for OECD commercial oil stocks level stood at 2,712 mb in June 2022, which was 163 million barrel lower than the same time last year, and 236 mb below the 2015-2019 average, and that emergency oil stocks have reached their lowest levels in more than 30 years," the intergovernmental organization said in a statement.
During Wednesday's meeting, heads of delegation congratulated the new OPEC Secretary General, Haitham Al Ghais of the State of Kuwait, on his appointment after the incumbent head passed away in early July, and wished him all the success in leading the Organization and further supporting the cooperation between OPEC and non-OPEC oil-producing countries.
Mohammad Sanusi Barkindo passed away in his home country Nigeria on July 5 at the age of 63. Born in 1959, Barkindo had worked in the crude oil sector for around 35 years, and his hobbies were reading, charity work, the environment, and soccer.
Al Ghais - a respected oil technocrat and well-known OPEC figure - brings a great wealth of experience from both his diplomatic background, as well as his extensive experience in the energy and oil sectors in both OPEC Founder Member Kuwait and internationally. (ANI)Get a daily dose of Broadcast Communications news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Broadcast Communications.
More InformationSAN FRANCISCO, California: Grammarly is doubling down on AI-powered productivity tools with the acquisition of Superhuman, a sleek...
NEW YORK, New York -U.S. stock markets closed with broad gains on Thursday, led by strong performances in U.S. tech stocks, while European...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
PARIS, France: L'Oréal is making a fresh play in the booming premium haircare segment with a new acquisition. The French beauty conglomerate...
MENLO PARK, California: Robinhood is giving European investors a new way to tap into America's most prominent tech names — without...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
SHARJAH, 7th May, 2025 (WAM) -- The Sharjah Broadcasting Authority (SBA) recently took part in the 76th World News Media Congress,...
Paris is withdrawing its troops after the African country scrapped a decades-old defense agreement France has handed over a military...
New Delhi [India], July 1 (ANI): On the occasion of the approval of the new 'Khelo Bharat Niti 2025', Prime Minister Narendra Modi...
Mumbai (Maharashtra) [India], July 1 (ANI): The Indian Institute of Creative Technologies (IICT) opens admissions for its first batch...
New Delhi [India], July 1 (ANI): In a significant step to bolster India's research and innovation ecosystem, the Union Cabinet on Tuesday...
Welcome to Wider Europe, RFE/RL's newsletter focusing on the key issues concerning the European Union, NATO, and other institutions...