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ENERGY SECURITY: OPEC - Russia's continued membership of OPEC+ is vital - Analysis

ENERGY SECURITY: OPEC - Russia's continued membership of OPEC+ is vital - Analysis
Posted By: GEO´ Newsteam - Gibraltar

The new OPEC secretary general Haitham Al-Ghais has said that Russia´s continued menbership of OPEC+ was vital according to an exclusive interview with the influential Kuwaiti newspaper Alrai timed before he heads up the forthcoming OPEC+, the group of OPEC and allies led by Russia.

His first meeting as secretary general, is scheduled for this coming Wednesday, 3 August; where the consensus of opinion among industry analysts is that the cartel will consider keeping oil output unchanged for September, despite calls from the United States increase volumes. 

Alrai reported that the former Kuwaiti OPEC governor said that OPEC is not in competition with Russia, calling it "a big, main and highly influential player in the world energy map"

Meanwhile oil prices have dropped as weak Chinese factory data heightens demand concerns. Brent crude futures were down $1.42, or 1.4%, at $102.55 a barrel by 1017 GMT. U.S. West Texas Intermediate crude was down $1.85, or 1.9%, at $96.77.

Fresh lockdowns caused by increased outbreaks of Covid have done for a brief glimmer of a recovery for factory activity in China; currently the world's largest crude oil importer. The Caixin/Markit manufacturing purchasing managers' index (PMI) eased to 50.4 in July from 51.7 the previous month, well below analyst expectations, data showed on Monday according to Reuters.

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Image Credit: Roy Luck/Flickr

About OPEC

In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. Learn More /...

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