- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
OPEC Secretary General Muhammad Barkindo: “The dark clouds of the Corona epidemic are still hanging over us, compounding the human tragedy and economic uncertainty”.
A panel of the OPEC+ group was discussing some days ago the current major downside risks to oil prices, the return of oil supply from Libya and the rising coronavirus cases that threaten oil demand recovery (according to Reuters).
The Joint Technical Committee (JTC) had met via videoconference and advised the Joint Ministerial Meeting Committee (JMMC) on oil market developments.
“The dark clouds of this pandemic continue to hang over us. In some countries, a second wave is already here, compounding both the human tragedy and economic uncertainty,” OPEC Secretary General Mohammad Barkindo said at the opening statement at the JTC meeting.
OPEC’s chief reiterated the cartel’s view that the worst of the crisis is over, but said that “History has taught us that there is no end to the need for dialogue and cooperation to achieve a more sustainable and resilient energy system for the benefit of all.”
The monthly OPEC+ panel meetings come as Libya has just resumed oil production at its largest oilfield, Sharara. Libya is currently producing about 300,000 barrels per day (bpd) and Sharara could add up to 200,000 bpd more after the lifting of an oil port blockade.
The rise in Libyan supply coincides with a second wave of COVID-19 cases in many countries, with new restrictions being imposed in major economies in Europe, threatening to further derail the fragile economic and oil demand recovery.
In the UK, London and areas in the north are moving later this week to more restrictions on social gatherings indoors, including in pubs and restaurants, France is imposing curfews on nearly a third of its residents, including in Paris. Ireland and Germany also toughened restrictions.
