The OPEC+ group is discussing its strategy for the coming year and curbing the decline in oil prices

by times news cr

⁢ 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.

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