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GCC Praises OPEC’s Role in Supporting Oil Market Stability

Jasem AlBudaiwi, Secretary General of the Gulf Cooperation Council (GCC), receives Haitham Al Ghais, Secretary General of OPEC. (OPEC’s LinkedIn account)
Jasem AlBudaiwi, Secretary General of the Gulf Cooperation Council (GCC), receives Haitham Al Ghais, Secretary General of OPEC. (OPEC’s LinkedIn account)
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GCC Praises OPEC’s Role in Supporting Oil Market Stability

Jasem AlBudaiwi, Secretary General of the Gulf Cooperation Council (GCC), receives Haitham Al Ghais, Secretary General of OPEC. (OPEC’s LinkedIn account)
Jasem AlBudaiwi, Secretary General of the Gulf Cooperation Council (GCC), receives Haitham Al Ghais, Secretary General of OPEC. (OPEC’s LinkedIn account)

Jasem AlBudaiwi, Secretary General of the Gulf Cooperation Council (GCC), praised on Tuesday OPEC’s role in supporting oil market stability.
AlBudaiwi made his remarks as he received OPEC Secretary General Haitham Al Ghais, according to OPEC’s LinkedIn account.
The two men explored possible ways to enhance cooperation between OPEC and the GCC. They also discussed a number of issues related to the energy sector, including energy transitions, the importance of energy security, and the need for continuous investments.
A recent study of the Board of Governors of the Federal Reserve System has concluded that OPEC’s credible decisions and research ensure the oil markets’ stability.
“We find that OPEC communication reduces oil price volatility and prompts market participants to rebalance their positions,” according to the study published on the Banks’ website.
“Our analysis indicates that market participants assess OPEC communications as providing an important signal to the crude oil market,” the study added.
OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025 and raised its economic growth forecasts for both years saying there was further upside potential.
In a monthly report, it said world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month.

 

 

 

 

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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.