* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, September 5, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

    Comanche Nation Entertainment closes casino near Devol – KSWO 7News

    Comanche Nation Entertainment Closes Casino Near Devol in Surprising Move

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    New Technology from Ramsey Theory Group Brings Diagnostic Testing and Telehealth Directly into Patients’ Homes – Yahoo Finance

    Revolutionary Ramsey Theory Technology Delivers Diagnostic Testing and Telehealth Right to Your Doorstep

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

    Comanche Nation Entertainment closes casino near Devol – KSWO 7News

    Comanche Nation Entertainment Closes Casino Near Devol in Surprising Move

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    New Technology from Ramsey Theory Group Brings Diagnostic Testing and Telehealth Directly into Patients’ Homes – Yahoo Finance

    Revolutionary Ramsey Theory Technology Delivers Diagnostic Testing and Telehealth Right to Your Doorstep

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home News

OPEC’s Future Is Increasingly Uncertain

July 6, 2023
in News
OPEC’s Future Is Increasingly Uncertain
Share on FacebookShare on Twitter

The diverse interests among OPEC members, seen in the varying responses to membership offers and production quotas, may pose a threat to the organization’s unity and survival.
The adjustments of production quotas for some members reflect OPEC’s acknowledgment of their struggles to attract foreign capital for developing their hydrocarbon resources.
Current oil prices appear non-responsive to OPEC’s supply control efforts, causing frustration within the group and raising questions about the effectiveness and future of its control over world oil prices.

OPEC tends to live in the public mind as a monolithic, unshakeable structure—except when oil prices drop. Yet the group is not as homogenous or, indeed, unanimous as it may see. And its members’ different interests may, at some point, threaten its survival.

At their last ministerial meeting in June, OPEC leaders decided to extend their voluntary production cuts into 2024. They also decided to adjust the quotas of those members that were finding it hard to reach previously agreed production levels.

Meanwhile, OPEC apparently approached Guyana with a proposal to take it on as a member. Guyana refused, saying it wanted to focus on production growth. Brazil has also resisted becoming a member of the group, preferring to go it alone.

Indonesia, for its part, left OPEC in the mid-2000s when it became a net oil importer but later rejoined the cartel. And while the possibility is remote, it may not remain the only one to do this ever.

Then there was that report from the Wall Street Journal that said the UAE was considering leaving the group. The UAE was quick to deny the report, but the doubts remained, especially as the report came during a time when political tensions spiked between the UAE and its larger OPEC partner Saudi Arabia.

At the last OPEC+ meeting, Saudi Arabia announced what its energy minister called “a Saudi lollipop”: a voluntary cut of 1 million bpd in production while the UAE was allowed to boost its own production by 200,000 bpd.

Yet this may not have been the most important part of the news to come out of that meeting. In a recent article, Reuters’ Ahmad Ghaddar suggested that another element of the agreement may have higher significance—the adjustment of baselines and production quotas.

With the adjustment, OPEC acknowledged that some members, such as Iraq, Nigeria, and Angola simply do not have the production capacity to produce as much as their original quotas called for. So, these quotas were adjusted accordingly, reflecting, incidentally, these OPEC members’ troubles in attracting foreign capital, on which they depend for developing their hydrocarbon resources.

At the same time, Saudi Arabia’s voluntary cut comes amid plans to boost its spare production capacity to 13 million barrels daily over the medium term and pretty much identical plans in the UAE.

In other words, some OPEC members may be struggling to even maintain production, but others are boosting their spare capacity because they can afford to do it. According to Ghaddar, this could widen the gap between Gulf members—perhaps excluding Iraq—and African members such as Nigeria and Angola.

Gulf members already have the upper hand in OPEC, to be sure. The quota adjustment, Ghaddar says, would only increase their influence and reduce the influence of African members. It may not be too far-fetched to speculate if these African members might not decide to go the Indonesia way.

Nigeria has complained about the quotas on more than one occasion, even if it cannot reach them. So has the UAE, which is a Gulf member—a member of the dominant group in OPEC. For now, membership of OPEC and the power to dictate world prices has kept the group together, but what happens when world prices stop responding? 

This is what’s happening right now. Oil traders do not seem to care about oil demand and supply. What they care about is GDP reports and projections, and the latest factory activity data out of China and the United States. As a result, prices are stuck around $70-75 per barrel, and even the news that Saudi Arabia will extend its voluntary cuts and that Russia will cut exports did not help push them higher.

This state of affairs must be a source of frustration in the group, as are analyst expectations that these cuts, per Eurasia Group, “will do little to shift bearish sentiment in a market that is consumed with pessimism about the prospects for oil demand growth in the second half of the year”.

Guyana could provide inspiration for some. The tiny South American country that turned into an oil hotspot in a matter of a few years has refused to join the group on the grounds that it wants to maximize the returns it can extract from its resources.

Interestingly, it was the Wall Street Journal again that reported the news that OPEC had invited Guyana to join it, following which official OPEC sources denied such an invitation had been extended.

OPEC’s leader, Saudi Arabia, has consistently demonstrated that the group was united even when there were internal rifts and disagreements about production policy. Indeed, all members have made an effort to keep it united for the good of every member—any news of internal divisions sends the price of oil tumbling. The question, at a price-sensitive moment like this, is how long this unity will last if efforts to direct prices by supply control continue failing.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Russia’s Oil And Gas Revenues Drop In JuneUAE: Latest Output Cuts Are Enough To Balance The Oil MarketBig Oil Revives Offshore Exploration

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : OilPrice – https://oilprice.com/Energy/Crude-Oil/OPECs-Future-Is-Increasingly-Uncertain.html

Tags: FuturenewsOPEC’s
Previous Post

: Meta launches Threads, its app to rival Twitter, a day early

Next Post

WTI Spikes As Crude Inventories Fall

News – Ancient DNA Pinpoints Culprit Responsible for World’s First Pandemic – Archaeology Magazine

Ancient DNA Reveals the True Cause of the World’s First Pandemic

September 5, 2025
Fears of US recession as economy adds just 22,000 jobs – The Times

Fears of US recession as economy adds just 22,000 jobs – The Times

September 5, 2025
Musiq Soulchild Surprises Fan’s Bride With “Dontchange” Wedding Serenade – yahoo.com

Musiq Soulchild Captivates Wedding Guests with Heartfelt Serenade of “Don’tchange

September 5, 2025
States fight feds over future of school mental health services – Courthouse News Service

States Clash with Federal Government Over the Future of School Mental Health Services

September 5, 2025
The Florida GOP ending vaccine mandates is playing with fire – CNN

Florida GOP’s Move to End Vaccine Mandates Could Spark Serious Consequences

September 5, 2025
George M. Sutton Urban Wilderness in Norman to Undergo Ecological Restoration Project in September – Hoodline

Transforming George M. Sutton Urban Wilderness: Exciting Ecological Restoration Kicks Off This September

September 5, 2025
White House cuts to science funding threaten AI weather forecasting institute – NBC News

White House Funding Cuts Jeopardize Future of AI-Powered Weather Forecasting Institute

September 5, 2025
The Mediterranean diet has benefits backed by science – ECB Publishing, Inc.

Unlock the Powerful Health Benefits of the Mediterranean Diet Backed by Science

September 5, 2025
Retire in This Asian Country for a Warm Culture and Relaxed Lifestyle – Kiplinger

Retire in This Asian Country for a Warm Culture and Relaxed Lifestyle – Kiplinger

September 5, 2025
Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

September 5, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (808)
  • Economy (827)
  • Entertainment (21,704)
  • General (16,874)
  • Health (9,868)
  • Lifestyle (840)
  • News (22,149)
  • People (828)
  • Politics (834)
  • Science (16,037)
  • Sports (21,325)
  • Technology (15,807)
  • World (808)

Recent News

News – Ancient DNA Pinpoints Culprit Responsible for World’s First Pandemic – Archaeology Magazine

Ancient DNA Reveals the True Cause of the World’s First Pandemic

September 5, 2025
Fears of US recession as economy adds just 22,000 jobs – The Times

Fears of US recession as economy adds just 22,000 jobs – The Times

September 5, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version