According to OPEC, Production Cuts and $12.6 Trillion Are Needed to Revive the Oil Industry

Written by Roberta Souza

Published on 28/11/2020 at 10:50

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According to OPEC Secretary General Mohammad Barkindo, investments will be essential to avoid a crisis in the oil sector in the future

During the eighth technical meeting of OPEC, Secretary General Mohammad Barkindo stated that the oil sector experienced a 30% drop in investments, a lower figure than during the 2014-2016 recession. Therefore, to revive the oil industry, US$ 12.6 trillion will be needed to avoid an energy crisis in the future and also to reduce volatility.

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When the COVID-19 pandemic began, production adjustments were negotiated between OPEC member countries and non-members—called OPEC+—which reduced from 9.7 million barrels per day to 7.7 million barrels/day in August, and now to 5.8 million barrels/day for the period from January 2021 to April 2022.

In the economic crisis triggered by the pandemic, measures taken in the production adjustment aim to find a balance between global oil supply and demand.

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OPEC:

OPEC operates as a cartel of major oil exporters, controlling production volume with the goal of achieving the best prices in the global market. It is responsible for developing geopolitical strategies in oil production and export, as well as controlling sales prices of the product.

Currently, OPEC member countries include Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. Indonesia suspended its membership in January 2009. OPEC’s headquarters is located in Vienna, the capital of Austria.

According to OPEC, Production Cuts and $12.6 Trillion Are Needed to Revive the Oil Industry

According to OPEC Secretary General Mohammad Barkindo, investments will be essential to avoid a crisis in the oil sector in the future

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