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

Setor do petróleo

Be the first to react!

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.

Check Out Other News:

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.

ARTICLE CONTINUES BELOW

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

Check Out Other News:

OPEC:

Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

SpaceX will dock a $843 million vehicle to the International Space Station to push a nearly 420-ton laboratory against the atmosphere and make the debris fall in a controlled manner into the ocean.

China opens the world’s first school where more than 100 humanoid robots from different brands will study together, each movement will be repeated up to 600 times a day and the data will feed a collective brain that will teach all the robots of the future.

Cambodia has started digging a nearly 180-kilometer canal to connect the Mekong River directly to the sea and reduce its dependence on the ports of neighboring Vietnam.

An Indonesian fisherman pulls a mysterious object from the sea and discovers that it is a Chinese underwater monitoring system, part of the so-called Underwater Great Wall that Beijing uses to track submarines and unmanned vehicles in strategic straits of the region.

The end of Nokia: the brand that was the cellphone of an entire generation has ended its smartphones, left Brazil, and today survives only in basic phones in India while seeking a new partner.

Pharmacy giant is fined R$ 10 million by the Maranhão Court for requiring CPF to grant discounts, pressuring consumers at the checkout, and raising a national alert about the collection of personal data in pharmaceutical retail.

Wax notebook falls into latrine 800 years ago, survives intact in Germany and reveals Latin notes that may expose the routine of a high-status medieval merchant.

After more than 11 years orbiting Mars, NASA declared the MAVEN probe lost, which disappeared after passing behind the Red Planet in December, began to spin abnormally, depleted its batteries, and never responded to controllers on Earth again.

Free courses open 2,221 spots with classes in itinerant trailers from June 8 to 18 and training in gastronomy, technology, beauty, mechanics, pets, and elderly care in SP.

Hyundai sells an executive minivan that looks like a VIP room on wheels: Custin carries 7 people, uses a 1.5 turbo engine with 168 hp, 8-speed automatic transmission, and costs around R$ 157,000 in direct conversion in Vietnam.

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:

OPEC:

Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

SpaceX will dock a $843 million vehicle to the International Space Station to push a nearly 420-ton laboratory against the atmosphere and make the debris fall in a controlled manner into the ocean.

China opens the world’s first school where more than 100 humanoid robots from different brands will study together, each movement will be repeated up to 600 times a day and the data will feed a collective brain that will teach all the robots of the future.

Cambodia has started digging a nearly 180-kilometer canal to connect the Mekong River directly to the sea and reduce its dependence on the ports of neighboring Vietnam.

An Indonesian fisherman pulls a mysterious object from the sea and discovers that it is a Chinese underwater monitoring system, part of the so-called Underwater Great Wall that Beijing uses to track submarines and unmanned vehicles in strategic straits of the region.

The end of Nokia: the brand that was the cellphone of an entire generation has ended its smartphones, left Brazil, and today survives only in basic phones in India while seeking a new partner.

SpaceX sets share price at $135 and targets a historic $75 billion IPO to debut on Nasdaq with a trillion-dollar market value

While the world rushes to mine lithium from Congo and Chile, Brazil sits on one of the largest reserves and has barely begun to explore.

Heir worked at thirteen in an ice cream factory without revealing he was the owner’s son; today, at twenty-five, he leads the best-selling ice cream brand for home consumption in the Northeast, grosses almost R$ 300 million, has 145 stores, and competes with multinationals with regional flavors.

Lock manufacturer from Rio Grande do Sul invests R$ 150 million to surpass R$ 1 billion in revenue, create 200 jobs, and double storage capacity, while choosing Santa Catarina to set up a new logistics center and speed up deliveries in Southern Brazil.

Pharmacy giant is fined R$ 10 million by the Maranhão Court for requiring CPF to grant discounts, pressuring consumers at the checkout, and raising a national alert about the collection of personal data in pharmaceutical retail.

Wax notebook falls into latrine 800 years ago, survives intact in Germany and reveals Latin notes that may expose the routine of a high-status medieval merchant.

After more than 11 years orbiting Mars, NASA declared the MAVEN probe lost, which disappeared after passing behind the Red Planet in December, began to spin abnormally, depleted its batteries, and never responded to controllers on Earth again.

Free courses open 2,221 spots with classes in itinerant trailers from June 8 to 18 and training in gastronomy, technology, beauty, mechanics, pets, and elderly care in SP.

Hyundai sells an executive minivan that looks like a VIP room on wheels: Custin carries 7 people, uses a 1.5 turbo engine with 168 hp, 8-speed automatic transmission, and costs around R$ 157,000 in direct conversion in Vietnam.