Connection

popular articles

Blackout in Venezuela: The Limits of a Fragile Power System
Kamala Harris faces natural gas producers in Pennsylvania
Complete Solar acquires SunPower after bankruptcy for $45 million
Environmental Activists Oppose Construction of Photovoltaic Power Plant
Growing international business for Halliburton and Schlumberger

OPEC+ stays the course to support oil prices

Opec+ recommends continued oil production cuts to support oil prices, with an overview of the decisions taken and their impact on the global energy market.
OPEC
  • [favorite_button]

Please share:

OPEC+ stays the course and holds a technical meeting of the Joint Ministerial Monitoring Committee by videoconference on October 4, 2023, at which it recommends maintaining the current production cut strategy. This strategy, reinforced by Saudi and Russian production cuts, is designed to support oil prices.

Opec+’s commitment to continued stability

Opec+ reaffirmed its commitments, and said it was ready to take further measures depending on market conditions. The alliance also praised the efforts of Saudi Arabia, which has voluntarily reduced its production by one million barrels a day since July. The Saudi Ministry of Energy confirmed that this measure would be maintained until the end of 2023, bringing the kingdom’s production to around 9 million barrels per day for the months of November and December.

Opec+ decisions and their impact on the global market

Russia, another influential Opec+ member, is also keeping its oil exports cut by around 300,000 barrels a day until December. Russian Deputy Prime Minister Alexander Novak stressed that a market analysis would be carried out next month to decide whether to increase production cuts or raise oil output, in line with the Saudi statement.

These decisions are in addition to the production cuts implemented since May, effective until the end of 2024, by nine countries, including Saudi Arabia, Russia, Iraq and the United Arab Emirates, totaling 1.6 million barrels per day. Since the last JMMC meeting in early August, oil prices have been on the rise, with an increase of around 5% for Brent, the European benchmark, and over 7% for WTI, its American equivalent. Although Brent crude neared the $100/barrel mark at the end of September, it has fallen back slightly in recent days.

Next meeting and role of the Technical Committee

JMMC members will meet again on November 26 to take stock ahead of the ministerial meeting of Opec’s thirteen oil-exporting countries, led by Saudi Arabia, and their ten partners led by Russia, to be held in Vienna, the cartel’s headquarters. It is important to note that the Technical Committee does not have the power to make decisions regarding an increase or reduction in production quotas, but it does play a crucial role in discussing market conditions and making recommendations that serve as a basis for ministerial decisions.

Register free of charge for uninterrupted access.

Advertising

Latest news

Saudi Arabia abandons hopes of $100 oil price
Octopus Energy invests £2 billion in UK renewable energies
Russia: export ban on petrol and diesel may be lifted if there is a surplus
ExxonMobil secures 20-year access to new Guangdong LNG terminal
Putin strengthens ties with BRICS and OPEC+ in retaliation

Recently published in

Energy transition: JETP challenges in developing countries

JETP, a G7-backed initiative, promises to finance the energy transition of developing nations. However, financing delays and structural obstacles are holding back the achievement of climate goals in countries such as South Africa, Indonesia, Vietnam and Senegal.
Multilateral banks unite to accelerate financing of the MDGs
Multilateral banks and the UN are stepping up their efforts to mobilize long-term financing, with the aim of closing the Sustainable Development Goals (SDGs) gap by 2030.
Design sans titre-211
Multilateral banks unite to accelerate financing of the MDGs
Multilateral banks and the UN are stepping up their efforts to mobilize long-term financing, with the aim of closing the Sustainable Development Goals (SDGs) gap by 2030.
Design sans titre-211
G20 adopts energy innovation guide for emerging economies
The G20 approves an IEA guide to support energy innovation in emerging economies, by proposing policies adapted to energy transitions.
TEMPLATE ENERGYNEWS(480)
G20 adopts energy innovation guide for emerging economies
The G20 approves an IEA guide to support energy innovation in emerging economies, by proposing policies adapted to energy transitions.
TEMPLATE ENERGYNEWS(480)
BlackRock invests 12.5 billion in Naturgy, a key energy player in Madrid
BlackRock's acquisition of a 20% stake in Naturgy, a key energy company in Spain, raises crucial issues about the energy transition and the concentration of foreign ownership in strategic sectors. This dynamic deserves particular attention.
TEMPLATE ENERGYNEWS(460)
BlackRock invests 12.5 billion in Naturgy, a key energy player in Madrid
BlackRock's acquisition of a 20% stake in Naturgy, a key energy company in Spain, raises crucial issues about the energy transition and the concentration of foreign ownership in strategic sectors. This dynamic deserves particular attention.
TEMPLATE ENERGYNEWS(460)

Nuclear industry 70% dependent on Russian fuels

The interdependence between the Western and Russian nuclear industries raises major concerns, especially in the context of economic sanctions. This report highlights the challenges and costs involved in reducing this dependence, prompting further reflection.
Réacteur VVER 1200
Ukraine and Moldova in energy crisis, EUR 2 billion in winter aid
Ukraine and Moldova are facing a critical winter due to the destruction of their energy infrastructures. The International Energy Agency is calling for urgent action to guarantee their energy security in the face of unprecedented challenges.
Design sans titre-128
Ukraine and Moldova in energy crisis, EUR 2 billion in winter aid
Ukraine and Moldova are facing a critical winter due to the destruction of their energy infrastructures. The International Energy Agency is calling for urgent action to guarantee their energy security in the face of unprecedented challenges.
Design sans titre-128
Iran’s nuclear tensions and global energy challenges
Iran, a key player in the global energy sector, is facing growing tensions over its nuclear program. Teheran's declarations on the transparency of its activities raise crucial questions about the future of international negotiations and regional security.
Design sans titre-112
Iran’s nuclear tensions and global energy challenges
Iran, a key player in the global energy sector, is facing growing tensions over its nuclear program. Teheran's declarations on the transparency of its activities raise crucial questions about the future of international negotiations and regional security.
Design sans titre-112
UK launches Global Alliance for Clean and Sustainable Energy
The UK launches the Global Clean Power Alliance to help countries move away from fossil fuels and towards renewable energy. The initiative aims to strengthen climate diplomacy and support emerging economies in their energy transition.
Design sans titre-105
UK launches Global Alliance for Clean and Sustainable Energy
The UK launches the Global Clean Power Alliance to help countries move away from fossil fuels and towards renewable energy. The initiative aims to strengthen climate diplomacy and support emerging economies in their energy transition.
Design sans titre-105

Pertamina and Russian crude: an evolution that redefines the Asian market

Pertamina, the Indonesian oil company, is exploring supplies of Russian crude, raising hopes among refiners in Thailand and Japan. This dynamic could disrupt light crude prices in Southeast Asia, prompting increased vigilance.
Raffinerie Pertamina en Indonésie
Turkey and TotalEnergies join forces for a sustainable energy future
Turkey strengthens its position in the energy market by signing a 10-year agreement with TotalEnergies for the import of liquefied natural gas. This initiative aims to diversify supplies and become a regional hub for Europe.
TEMPLATE ENERGYNEWS(455)
Turkey and TotalEnergies join forces for a sustainable energy future
Turkey strengthens its position in the energy market by signing a 10-year agreement with TotalEnergies for the import of liquefied natural gas. This initiative aims to diversify supplies and become a regional hub for Europe.
TEMPLATE ENERGYNEWS(455)
Rosneft versus Shell: an energy battle at the heart of European tensions
The case between Rosneft and Shell over the sale of the latter's stake in the PCK Schwedt refinery illustrates the growing tensions in the European energy sector, exacerbated by the current geopolitical context and sanctions against Russia.
Raffinerie PCK Schwedt en Allemagne
Rosneft versus Shell: an energy battle at the heart of European tensions
The case between Rosneft and Shell over the sale of the latter's stake in the PCK Schwedt refinery illustrates the growing tensions in the European energy sector, exacerbated by the current geopolitical context and sanctions against Russia.
Raffinerie PCK Schwedt en Allemagne
Energy Interconnection Europe Middle East the GSI project between challenges and opportunities
The Great Sea Interconnector (GSI) is an ambitious project to link the power grids of Cyprus, Greece and the Middle East. This strategic cable could transform the region's energy security, while raising major geopolitical challenges.
Pose d'un câble électrique sous-marin en Grèce
Energy Interconnection Europe Middle East the GSI project between challenges and opportunities
The Great Sea Interconnector (GSI) is an ambitious project to link the power grids of Cyprus, Greece and the Middle East. This strategic cable could transform the region's energy security, while raising major geopolitical challenges.
Pose d'un câble électrique sous-marin en Grèce

Azerbaijan: an ambitious climate fund for sustainable energy

Azerbaijan has positioned itself as a key player in the fight against climate change by launching the Climate Finance Action Fund at COP29. This initiative aims to mobilize resources for decarbonization and the global energy transition.
Central Asia-Germany strategic partnership for trade routes
Central Asia, in search of new partnerships, is turning to Germany to develop trade and energy corridors. This dynamic, in the face of current geopolitical challenges, could transform the region into a key player on the international stage.
Meeting between Central Asian leaders and German Chancellor Olaf Scholz
Central Asia-Germany strategic partnership for trade routes
Central Asia, in search of new partnerships, is turning to Germany to develop trade and energy corridors. This dynamic, in the face of current geopolitical challenges, could transform the region into a key player on the international stage.
Meeting between Central Asian leaders and German Chancellor Olaf Scholz
Taxation of Chinese electric cars EU faces crucial trade dilemma
The debate over the taxation of Chinese electric cars is intensifying, with growing tensions between the European Union and China. Key players are calling for a negotiated solution to avoid a trade war harmful to both economies.
Usine de fabrication de véhicules électriques en Chine
Taxation of Chinese electric cars EU faces crucial trade dilemma
The debate over the taxation of Chinese electric cars is intensifying, with growing tensions between the European Union and China. Key players are calling for a negotiated solution to avoid a trade war harmful to both economies.
Usine de fabrication de véhicules électriques en Chine
US tariffs on Chinese products: a turning point for world trade
Recent U.S. tariff increases on Chinese imports, affecting a variety of sectors, are raising concerns about their economic impact. This article explores the implications of these decisions on trade relations and the global economy.
Untitled design-83
US tariffs on Chinese products: a turning point for world trade
Recent U.S. tariff increases on Chinese imports, affecting a variety of sectors, are raising concerns about their economic impact. This article explores the implications of these decisions on trade relations and the global economy.
Untitled design-83

United States: LNG projects face regulatory and environmental challenges

Regulation of liquefied natural gas (LNG) export projects in the USA is evolving rapidly, with major implications for the Rio Grande and Texas LNG projects. Recent court rulings highlight the tensions between economic development and environmental concerns.
Rio Grande LNG, United States
Strategic agreement between IOC and ADNOC for 1 million tonnes of LNG per year
Indian Oil Corporation has signed a major agreement with ADNOC for 1 million tonnes of LNG per year for 15 years. This commitment strengthens the energy relationship between India and the Emirates, while meeting the growing demand for LNG in India.
LNG Ruwais project
Strategic agreement between IOC and ADNOC for 1 million tonnes of LNG per year
Indian Oil Corporation has signed a major agreement with ADNOC for 1 million tonnes of LNG per year for 15 years. This commitment strengthens the energy relationship between India and the Emirates, while meeting the growing demand for LNG in India.
LNG Ruwais project
Apollo invests in TAP to strengthen European energy security
Apollo Global Management has signed a $1 billion agreement with BP to acquire a stake in the Trans Adriatic Pipeline. This strategic investment aims to strengthen Europe's energy security while diversifying sources of supply.
Apollo invests in TAP to strengthen European energy security
Apollo Global Management has signed a $1 billion agreement with BP to acquire a stake in the Trans Adriatic Pipeline. This strategic investment aims to strengthen Europe's energy security while diversifying sources of supply.
Germany and Central Asia: strategic partnership for sustainable resources
Germany is stepping up its efforts to secure raw materials in Central Asia, in particular with Uzbekistan, against a complex geopolitical backdrop. This strategy aims to diversify its energy supplies while addressing issues of human rights and transparency.
Germany and Central Asia: strategic partnership for sustainable resources
Germany is stepping up its efforts to secure raw materials in Central Asia, in particular with Uzbekistan, against a complex geopolitical backdrop. This strategy aims to diversify its energy supplies while addressing issues of human rights and transparency.

Europe’s energy crisis: urgent solutions for a sustainable future

Europe's energy crisis, exacerbated by geopolitical tensions, is prompting Greece to ask the EU for reforms. Prime Minister Mitsotakis proposes measures to stabilize prices and strengthen energy security.
Interconnecting the Greek and Bulgarian power grids
Red Sea emergency MV Sounion tow threatens global environment
The towing of the MV Sounion oil tanker in the Red Sea has raised major concerns about the environment and maritime safety. The geopolitical tensions exacerbated by this crisis highlight the urgent need for international cooperation to prevent future disasters.
TEMPLATE ENERGYNEWS(419)
Red Sea emergency MV Sounion tow threatens global environment
The towing of the MV Sounion oil tanker in the Red Sea has raised major concerns about the environment and maritime safety. The geopolitical tensions exacerbated by this crisis highlight the urgent need for international cooperation to prevent future disasters.
TEMPLATE ENERGYNEWS(419)
Venezuela: political tensions and US sanctions impact oil prices
Recent US sanctions against Venezuelan officials aim to weaken support for Maduro's regime, while raising questions about the long-term impact on the country's oil sector and economic stability.
TEMPLATE ENERGYNEWS(413)
Venezuela: political tensions and US sanctions impact oil prices
Recent US sanctions against Venezuelan officials aim to weaken support for Maduro's regime, while raising questions about the long-term impact on the country's oil sector and economic stability.
TEMPLATE ENERGYNEWS(413)
Saudi Arabia strengthens nuclear policy with comprehensive safeguards agreement
Saudi Arabia plans to move from a Limited Quantities Agreement to a Full Safeguards Agreement with the IAEA by the end of 2024, marking a turning point in its nuclear policy and responding to international concerns about non-proliferation.
TEMPLATE ENERGYNEWS(430)
Saudi Arabia strengthens nuclear policy with comprehensive safeguards agreement
Saudi Arabia plans to move from a Limited Quantities Agreement to a Full Safeguards Agreement with the IAEA by the end of 2024, marking a turning point in its nuclear policy and responding to international concerns about non-proliferation.
TEMPLATE ENERGYNEWS(430)

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS