2023-11-30T16:16:14+00:00
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Prices rose this morning with investors preferring the first option. The Wall Street Journal reported the possibility of adopting an additional voluntary reduction in production of up to one million barrels per day.
The thirteen ministers of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, began their meeting at about eleven o’clock in the morning Vienna time (ten o’clock GMT), at the organization’s headquarters via video. They are joined by their ten partners, led by Russia, according to a source close to OPEC+.
Negotiations have intensified in recent days, while Saudi Arabia, which bears the bulk of the cuts, has tried to convince African countries to share the burden.
An informed source told Agence France-Presse, requesting anonymity, that “the dispute continues,” adding that if a compromise is not reached in the coming hours, this issue could be postponed until 2024.
Among the countries that reject it are Angola and Nigeria, which want to “increase their production shares” in order to enhance oil revenues, which are a source of foreign currency, according to what another source indicated.
But the two sources downplayed the impact of this dispute on the alliance united around Riyadh and Moscow.
These two countries did not accept the results of the last meeting last june, which witnessed a reduction in their production targets. Conversely,the UAE was allowed to continue boosting its crude oil production due to its large reserve capacity.
According to DNB analysts, it seems unlikely that an agreement will be reached at the level of the OPEC+ group. Instead, analysts expect to maintain the current quotas, which is “the easiest path that can be followed.”
As the end of 2022, OPEC+ has kept about 5 million barrels per day underground, exploiting the scarcity of supplies to try to raise prices undermined by economic uncertainty against the backdrop of high interest rates.
Last May, nine members, including Saudi Arabia and Russia, announced sudden voluntary cuts totaling 1.6 million barrels per day.
In a “Saudi gift,” as Saudi Energy Minister Prince Abdulaziz bin Salman put it, Riyadh reduced its production a month later by up to an additional million barrels, a decision that was extended monthly until the end of 2023, and russia also adopted it, although to a lesser extent.
But despite these announcements,the two benchmark crude indices barely rose compared to June (almost +5%),even if they were higher than the average of the past five years.
Prices are currently approaching the threshold of $80 per barrel ($84.02 per barrel for Brent crude and $78.66 per barrel for West Texas Intermediate crude Thursday at around 10:30 GMT) after a short-term rise in Brent crude to nearly $100 at the end of September. the past.
How do renewable energy technologies like solar and wind help in the fight against climate change?
Interviewer: Welcome to Time.news! Today, we have the privilege of speaking with Dr. Jane Thompson,a leading expert in the field of climate science. Dr. Thompson, thank you for joining us!
Dr. Thompson: Thank you for having me, it’s a pleasure to be here.
Interviewer: Let’s dive right in. The climate crisis is on everyone’s mind these days. Could you summarize the current state of our planet’s health based on your research?
Dr. Thompson: Certainly! The latest reports indicate that we are experiencing unprecedented levels of greenhouse gas emissions. The effects are already visible: rising temperatures, extreme weather events, and melting ice caps. It’s alarming but not hopeless. There’s a lot that individuals and societies can do to pivot towards sustainability.
Interviewer: That’s an meaningful point. Many people feel overwhelmed and a bit helpless. What actions can they take at an individual level to contribute to combating climate change?
Dr. Thompson: Great question! Individuals can make a significant impact by making conscious choices such as reducing energy consumption, choosing sustainable products, and advocating for policies that support renewable energy. Even small changes, like reducing meat consumption or opting for public transport, can collectively lead to substantial improvements.
Interviewer: Speaking of policies, how do you view the current global efforts to address climate change? Are we on the right path?
Dr. Thompson: There are mixed signals. On one hand,there is an increasing awareness and commitment among nations,especially following major climate conferences. Conversely, many countries are still falling short of their targets and policies haven’t yet matched the urgency of the crisis. We need stricter regulations and a shift in investment towards green technologies.
Interviewer: That’s true. Transitioning to green technology is crucial. What emerging technologies do you find most promising in the fight against climate change?
Dr. Thompson: Innovations in renewable energy, notably solar and wind, are showing great potential. Additionally, advancements in carbon capture and storage technology can help mitigate emissions from harder-to-abate sectors. Electric vehicle technology is also evolving rapidly and has the potential to reduce fossil fuel dependency.
Interviewer: It’s inspiring to hear about these advancements. But what do you see as the biggest challenge in implementing these technologies on a large scale?
Dr. Thompson: One of the biggest challenges is the infrastructure. Transitioning our current energy systems requires significant investment and long-term planning.there’s also a social component—educating the public about the benefits of these technologies and ensuring equitable access for all communities is essential.
interviewer: absolutely, education plays a fundamental role. As a society, what mindset changes do we need to see to foster a more sustainable future?
Dr. Thompson: We need to shift from a culture of consumerism to one of sustainability. This means prioritizing environmental stewardship over convenience and short-term gains. It’s about valuing our planet and recognizing that our wellbeing is directly linked to its health.
Interviewer: A powerful perspective! Before we wrap up, what is your message to our readers who want to make a real difference?
Dr. Thompson: My message woudl be: don’t underestimate your power. Every action counts, every voice matters. Get involved, educate yourself and others, and advocate for meaningful change. Together, we can tackle this crisis head-on.
Interviewer: Thank you so much, Dr. Thompson, for your insights and for the critical work you do. We appreciate you sharing your expertise with us today!
Dr. Thompson: thank you for having me! It’s been a pleasure to discuss these important issues.