That leaves the US walking something of a tightrope when it comes to oil prices: too high, and American consumers feel pain at the pumps too low, and US shale oil producers cannot stay in business because their prices aren’t competitive. Moreover, its production costs are far higher than OPEC’s biggest member, Saudi Arabia. The US pumps out plenty of crude in its own right, some 20 percent of total world oil production, making it the largest oil producer in the world, according to the US Energy Information Administration.īut it also consumes a lot of oil - 21 percent of the world total. That gives it tremendous sway over oil prices, which the cartel can influence by boosting or cutting production. OPEC+ controls over 50 percent of the global supply of crude. Overall, gasoline prices are up a whopping 41.8 percent from this time last year, the Consumer Price Index from the US Bureau of Labor Statistics showed, although some of that can be attributed to so-called base effects, given oil demand was gutted when the pandemic struck last year and had only just started creeping back up in the summer of 2020. Sullivan’s statement was released on the same day that US government data showed petrol prices climbed 2.4 percent in July from the previous month - the second consecutive month of price increases. “At a critical moment in the global recovery, this is simply not enough.” “While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022,” Sullivan said. “President Biden has made clear that he wants Americans to have access to affordable and reliable energy, including at the pump,” US National Security Advisor Jake Sullivan said in a statement Wednesday urging OPEC and its allies led by Russia, known as OPEC+, to further unwind production cuts - and fast. The event was held in a hybrid format.That’s the message the administration of United States President Joe Biden sent to the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Wednesday, imploring them to do more to support the global economic recovery and ease the painfully high prices Americans have been experiencing at the petrol pump. The Organization of the Petroleum Exporting Countries (OPEC) today launched its flagship Annual Statistical Bulletin (ASB) 2022. OPEC’s 2022 Annual Statistical Bulletin launched in Vienna.In view of current oil market fundamentals and the consensus on its outlook, the OPEC and participating non-OPEC oil producing countries agreed to: Read more The 30th OPEC and non-OPEC Ministerial Meeting was held via videoconference on 30 June 2022. 30th OPEC and non-OPEC Ministerial Meeting.The President of Nigeria, HE Muhammadu Buhari, received OPEC Secretary General, HE Mohammad Sanusi Barkindo, and an accompanying delegation from the OPEC Secretariat in Abuja, Nigeria. ![]() OPEC Secretary General meets Nigerian President Muhammadu Buhari.It is with immense sorrow and sadness that the OPEC Secretariat learnt of the passing of the OPEC Secretary General, His Excellency, Mohammad Sanusi Barkindo, in his home country of Nigeria. Mohammad Sanusi Barkindo: an OPEC icon, a dear friend to many.Read moreĭelivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the Atlantic Council Global Energy Forum, 8 June 2022, Washington DC, United States. Welcoming remarks by Iraq’s Minister of Oilĭelivered by HE Ihsan Abdul Jabbar Ismaael, Iraq’s Minister of Oil and Head of its Delegation to OPEC, at the launch of OPEC’s history book tilted ‘OPEC 60 years and beyond: A story of courage, cooperation and commitment,’ 19 June 2022, Baghdad, Iraq.Brief remarks by OPEC Secretary Generalĭelivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the launch of OPEC’s history book tilted ‘OPEC 60 years and beyond: A story of courage, cooperation and commitment,’ 19 June 2022, Baghdad, Iraq.Keynote address by OPEC Secretary Generalĭelivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the opening ceremony of the 21st edition of Nigeria Oil and Gas (NOG) Conference and Exhibition, 5 July 2022, Abuja, Nigeria.
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