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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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

Check Out Other News:

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Gaddafi built the world’s largest artificial river under the Sahara — it’s 4,000 km of giant pipes that pump 40,000-year-old fossil water to entire cities in Libya.

Discovery in Africa scares even scientists: a study published on April 23 reveals that the crust in Turkana has become so thin that it could pave the way for the continent’s division and the emergence of an ocean in the future, in a gigantic geological transformation.

Japanese garbage collectors treat filthy trucks as if they were dealership cars, and the obsession with cleanliness is so absurd that they invented a washing machine that only exists for this type of vehicle.

Germany took 1,468 days to drill 9,101 meters of the Earth’s crust, faced temperatures of 265 degrees, crossed faults saturated by fluids under pressure, and revealed that the continental crust remains active, stressed, and permeable far beyond the limits that science considered possible.

In 1991, Brazil’s GDP was almost double India’s, and today it is little more than half: while India grew 6.5% per year and trained engineers, Brazil preferred to train lawyers, and now it is rushing to strengthen ties with the world’s fourth-largest economy.

The Brazilian city of the crooked buildings, which is being “swallowed” by the sea, receives more than R$ 20 million after a R$ 276.6 million package for 214 cities, with transfers of R$ 2.5 million per tourist resort.

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