Latest News
- Internet Censorship Pact Condemned By MP-elect Bushehri
- Police Arrest Two Men Previously Convicted In Misdemeanor Cases
- The Theft Of 50 Birds In Kuwait’s Barr Abdaliyah Area
- Anti-Corruption Authority Efforts Embrace An Integrated Work Sys...
- European Union Keen On Exempting Kuwaitis From Schengen Visa
- Expat Admits Killing His Compatriot In A Quarrel Over Cash
- Decomposed Corpse Of A Girl Found In Nugra Flat
- 4.4% Private Sector Employment Sparks Concerns In Kuwait
- CSC Separates Job Appointments From Specific Agencies
- Municipality Shuts Store And Issues 23 Violations
- Kuwaiti Tweeter Jailed For Insulting Rulers, Judiciary, And Nati...
- MoH Opens Registration For Scholarships And Study Leaves
Time For Opec+ To Act … ‘increase’ Oil Production
NEXT week the oil organization will meet to decide on the fate of the direction of the oil price. Consumers are anxiously waiting for positive news with regard to more oils to come to the market, perhaps in the range of 500,000 barrels per day from next week. No time should be wasted. OPEC+ should do the right thing and let the prices be free without being held captive by the organization and depriving its consumers from their needs and requirements. The same message should go to the American shale oil producers in terms of pushing for more production and being satisfied with the margins they are making without being greedy.
The oil price is close to $ 80 a barrel, and it is time to act responsibly and meet the demands of the market and the consumers. There is no doubt that the impact of environmental and climate campaigners are perhaps pushing too hard in creating such a shortage and demand for oil and gas, which has in turn led to the hardening of the oil prices. Now the oil consumers and producers alike are struggling to find and search for oils. With investments in hydrocarbons reaching a low level to 50 percent in the last 10 years, capital spending has resulted in constraints in supply, forcing OPEC and its partners to face the pressure of meeting the market demands.
Next week is an opportune time to analyze the oil market, monitor it, and observe the level of demand for it to reach above the level of 95 million barrels. That could leave OPEC+ to its brim. Here we shall witness the severity of the demand and how far OPEC+ can manage in leaving the oil taps wide open, thus easing the pressure on oil prices or otherwise. Or else, the consumers should brace themselves for real tightness in supply and a real shortage. This would be a clear sign for investors to pour more capital into the industry – both oil and gas combined. At a time, the International Energy Agency was calling for a stoppage in investments in oil and gas and pushing towards zero carbon emission by 2050. The same happened with international oil companies with pressure from their shareholders to stay away from oil and gas, leading to perhaps more distress in prices. For OPEC+, our message is to push or pump more oils for your consumers. Do not let them down… It is not their doing.
SOURCE : ARAB TIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
Comments Post Comment