Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), has affirmed that the world will need more energy in the coming decade and stressed the need to ensure oil supplies are delivered in a stable and secure manner.
"With GDP growth projections above 6 per cent annually, India's energy demand will continue to soar, and the country will remain heavily reliant on fossil fuels, including oil, to meet its needs," said the report.
"India has diversified its sources of Oil supply, earlier we were importing crude oil from 27 countries now we are importing from 39 countries. If I can buy some from some source and I can buy it at a cheaper price, we are the winners," the Union Minister said in a BBC interview.
Union Minister Hardeep Singh Puri met with HE Haitham Al-Ghais, Secretary General of Organization of the Petroleum Exporting Countries (OPEC) on Moday at the ADIPEC conference in Abu Dhabi to discuss India's partnership with OPEC.
The windfall tax on petroleum crude will be reduced to Rs 2,100 per metric ton from Rs 4,600 per ton, according to an official gazette notification. The new rate will be effective from Saturday, August 17, 2024.
The Organization of the Petroleum Exporting Countries (OPEC) has slightly revised down global crude oil demand forecast for 2024, citing softer intake by China.
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, revealed that they would continue to enforce substantial oil production cuts totalling 5.86 million bpd.
The Organisation of the Petroleum Exporting Countries (OPEC) said today that the "UAE continues to demonstrate robust growth in its non-oil sectors, driven by strong government support and solid demand".
In its monthly report, OPEC predicted robust fuel use in the summer months and stuck to its forecast for relatively strong growth in global oil demand in 2024
According to S&P Global Commodity Insights, Russell Hardy, the CEO of Vitol, delivered this forecast, indicating that spot crude prices could surge to USD 100/b later this year if Organization of the Petroleum Exporting Countries (OPEC+) continues its production discipline and persists i
The Organisation of the Petroleum Exporting Countries (OPEC) forecast that the UAE’s economy will continue its robust performance in 2023, after recording a growth of 7.9 per cent year-on-year in 2022