2023-12-01T15:37:52+00:00
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The American network ”CNBC” expected, on Friday, that oil prices would exceed $100 per barrel next year, against the backdrop of the members of the “OPEC+” alliance committing too reduce production.
the network stated in a report that oil prices are expected to rise in the new year after some OPEC+ oil producers voluntarily pledged to reduce production.
The global oil alliance, OPEC+, which leads stability in the market, issued a statement yesterday, Thursday, that did not officially support the continuation of production cuts, but individual countries announced voluntary cuts totaling 2.2 million barrels per day for the first quarter of 2024.
The cuts are led by the Kingdom of Saudi Arabia,which is the largest member of OPEC and the most significant oil producer in the world,as Riyadh agreed to extend the voluntary production cut by one million barrels per day,which is the voluntary cut that the Kingdom has been making as last July,and will continue with it until the end of the quarter. 1st of 2024.
Russia said it would reduce supplies by 300,000 barrels per day of crude and 200,000 barrels per day of petroleum products during the same period.
Iraq reduces 223 thousand barrels per day, the United Arab Emirates 163 thousand barrels per day, Kuwait 135 thousand barrels per day, Kazakhstan 82 thousand barrels per day, Algeria 51 thousand barrels per day, and the Sultanate of oman 42 thousand barrels per day.
“Commitment is key,” said Bill Perkins, CEO and chief trader at Skylar, adding, “We must get compliance from other OPEC countries.”
The CNBC report says that the way in which the production cuts were announced confused traders and raised doubts in the market, as member states issued separate statements regarding their voluntary cuts.
But the report confirms that “if members adhere to the cuts they pledged, crude oil prices are expected to rise over the next year.”
“When the cuts end at the end of the first quarter, these removed barrels will only gradually return to the market, which should help keep the oil market thirsty in the future,” UBS strategist Giovanni Stanovo wrote in a note following the decision. The first half of 2024,” he said,adding that he expected prices to rise in the oil market,which suffers from a lack of supply.
Likewise, Goldman Sachs expects prices to rise, adopting a wait-and-see approach regarding OPEC+ members’ commitment to the proposed cuts.
Global benchmark Brent crude futures fell by 0.25% to $80.66 per barrel on Friday, while US West Texas intermediate crude futures fell by 0.04% to $75.93 per barrel.
How can businesses effectively contribute to climate change solutions according to the interview with Maya Thompson?
Interview between the time.news Editor and An Inspirational Climate Activist
Time.news Editor (TNE): Welcome, everyone! Today, I’m thrilled to have with us an remarkable climate activist, Maya Thompson. She’s not just an advocate for environmental issues; she’s a force of nature in her own right.maya, thank you for joining us!
Maya Thompson (MT): Thank you for having me! It’s an honor to be here and talk about something that matters so much.
TNE: Let’s dive right in. For our readers who may not know yoru story, what inspired your journey into climate activism?
MT: Great question! My journey began when I was a child. I spent a lot of time outdoors—hiking, camping, and simply falling in love with nature. but as I grew older,I started seeing the impact of climate change firsthand—melting ice caps,wildfires,and erratic weather patterns. The turning point for me was witnessing a devastating flood in my hometown. That was when I realized we can no longer sit on the sidelines; we have a responsibility to act.
TNE: That’s incredibly powerful. You’re clearly passionate about this cause.What are some of the primary issues you focus on, and why are they important to you?
MT: I often focus on the intersection of climate justice and social equity. Climate change affects the most vulnerable communities frist and worst. I’m passionate about advocating for those who don’t have a voice in the decision-making process. Addressing these issues isn’t just about the surroundings; it’s about human rights, equity, and ensuring that everyone has access to a safe and healthy planet.
TNE: It’s interesting how interconnected these issues are. In your experience, what have been some of the most effective ways to engage people on climate issues?
MT: Personal stories resonate the most. When people share how climate change has impacted thier lives or their communities, it creates a real emotional connection. Additionally, leveraging social media has been essential. It allows us to share information rapidly and mobilize people across the globe. Education, storytelling, and community building are vital.
TNE: You mentioned social media,which can certainly have both positive and negative impacts. How do you navigate that landscape to ensure the message remains constructive?
MT: It’s a double-edged sword, without a doubt. We have to be strategic. While we utilize platforms to spread awareness and inspire action, we also need to foster respectful dialog. I believe in leading by example—sharing credible information, amplifying diverse voices in the climate movement, and encouraging support rather than divisiveness. It’s critically important to remember that we’re all in this together.
TNE: That sense of community definitely comes through. Speaking of collaboration,what role do you think businesses and corporations should play in combating climate change?
MT: They have a pivotal role! Corporations can drive meaningful change by adopting enduring practices and prioritizing environmental,social,and governance (ESG) principles. They should be held accountable for their impact. It’s not just about profitability anymore; consumers are demanding ethical and sustainable practices. Collaboration between activists and businesses can lead to innovative solutions and a real change in the marketplace.
TNE: Very true! Looking ahead, what’s your vision for the future of climate activism? How can individuals contribute?
MT: I envision a world where climate action is a worldwide priority—a world that honors the planet and all its inhabitants.Individuals can contribute by educating themselves, reducing their carbon footprint, and advocating for policy changes at local, state, and national levels. Even small actions, like supporting local green initiatives or making sustainable choices, can collectively lead to monumental change.
TNE: Inspiring! Before we wrap up, what advice would you give to young people who want to get involved in climate activism?
MT: First, believe in the power of your voice. Every action counts, no matter how small.Find what you’re passionate about—be it policy, conservation, education, or art—and leverage that passion.Connect with your community; there’s strength in numbers. And most importantly, take care of yourself in this relentless fight—self-care is crucial for sustaining the movement.
TNE: Wise words, Maya.Thank you so much for sharing your insights and experiences with us today. Your dedication to the planet and its people is truly inspiring!
MT: Thank you! It was a pleasure to chat with you, and I hope we can encourage more people to join this vital movement.
TNE: And to our readers, remember, each of us has a role in this journey. Stay engaged, stay motivated, and let’s work together for a sustainable future!