OPEC
Saudi Arabia responds to US allegations as OPEC cuts 2 million oil barrels
|
Saudi Arabia has denied allusion to energy weaponization, as the US accuses OPEC of siding with Russia and reducing 2 million barrels/day in oil.
Middle Eastern oil-rich country buys Russian gas, plans to build OPEC-style bloc
|
Iran's Oil and Gas Ministry has announced that Tehran will soon import 9 million cubic meters of Russian gas per day via Azerbaijan.
The actions of Russia and OPEC+ increase oil prices
|
OPEC and its oil producers, including Russia, have agreed to cut 100,000 barrels per day to support oil prices.
OPEC talks about oil export competition with Russia
|
The new secretary general of the Organization of the Petroleum Exporting Countries (OPEC) emphasized Russia's important role in OPEC+.
Banning Russian oil and gas could cause the worst shock in history
|
OPEC has warned the EU that there is no replacement for Russian oil and that a ban would cause the worst shock in history.
Demand recovers, oil prices are expected to continue to escalate in 2022
|
World oil prices are forecast to continue to escalate in the context that most oil and gas companies only expand production at a narrow range despite high demand.