The 5th Opec+ meeting has concluded on Friday with the unanimous decision of cutting oil output by 1.2 mb/d starting from January 2019, for an initial period of six months. Opec countries will count for 0.8 mb/d and non Opec countries for 0.2 mb/d of the total target. The decision was far from being an easy one, …
After threats by Iran to close the Strait of Hormuz, Saudi Arabia halts shipments through the Strait of Bab el-Mandeb, following attacks by the Houthis to two Saudi vessels. Is Iran behind it? and how Saudi Arabia will act in the long term?
After the last Opec meeting, the oil market is in turmoil, with instability in Venezuela and Libya, and Iran ready to defend its place in the oil market.
On Friday 22 of June Opec agreed to increase production to keep prices under control.
The deal preserved the unity of the group and reassured the market, but it is vague and it does not clarify who is going to pump more oil, and how much it will be.
The upcoming OPEC meeting of June 22 will be filled with tensions between those willing to incease output, and those who are not. The U.S. closely watching
Saudi Arabia is planning to diversify its energy mix away from oil, to increase the share of energy generated by renewable sources, with a specific focus on solar power.