Hardeep S Puri urges OPEC to imbue a sense of pragmatism, balance and affordability in the oil markets
Admin
Oct 5, 2023 12:15
10
Minister of Petroleum & Natural Gas met Secretary General – OPEC, addressed the OPEC crude production cuts and its impact on global energy sector.
Cumulatively, OPEC and OPEC+ have reduced the availability of oil by 4.96 mb/d (~5% of global oil demand) from the market since 2022, spiking brent prices from ~$72/bbl in June to ~$97/bbl in September 2023.
On the sidelines of the annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2023,on 3rd October 2023, Minister of Petroleum and Natural Gas and Housing, Shri Hardeep Singh Puri had bilateral discussion with Secretary General-OPEC, H.E. Mr. Haitham Al-Ghais.
During the discussions, the Minister highlighted, that due to the production cuts carried out by OPEC (10) and OPEC+ countries from August 2022 onwards, effectively around~5% of the total global oil availability has been removed from the market, causing crude oil price to rise ~ 34% in just last 3 months.
These cuts have been made despite growing energy demand. Brent Crude oil prices jumped from $ ~72 /bbl in June to $ ~97/bbl in September 2023, placing severe strains on the capacities of most oil importing consuming countries.
