- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
Oil price may gradually rise to reach $80 in 2020
Now most of OPEC member countries became unable to balance their budgets at current prices. Hence, OPEC is assuming the oil price will rise gradually to $80/b in 2020 as supply growth outside the group weakens. OPEC crude prices will increase by about $5 annually to 2020 from $50 this year.
Some analysts believe that it is difficult to regain prices after the revolution of U.S. shale oil. The persistent glut will keep crude prices low until the year 2030
The price of crude has tumbled more than 50% in the past year as OPEC followed Saudi Arabia’s strategy of defending its share of the global market against competitors like U.S. shale oil. While both OPEC and the International Energy Agency expect growth in global supply to slow as low prices bite
According to OPEC estimates, production from nations outside OPEC will be 58.2 Million b/d in 2017, which is about 1 million b/d lower than previously forecast
OPEC expects little stimulus to global demand in the medium term mainly from developing nations as a result of cheaper oil, with daily consumption growing by about 1 million barrels a year to 97.4 million in 2020.
