Oil prices rose to a two year high last week at the
end of last week, with reports that OPEC and Russia have finalized a
deal to extend and expand oil production cuts by the end of next year.
is a state of agreement between Riyadh and Moscow on the need to
announce an additional period of reductions at the upcoming producers'
meeting in Vienna on Nov. 30, although the two sides are still studying
critical details," the World Oil report said, Close and involved in recent talks.
The report pointed to a rise in prices by more than 8 percent during
the month, where prices are heading to record the third monthly gain in a
row, the longest series of gains since May of last year.
The report highlighted the confirmation of Russian Energy Minister
Alexander Novak that all oil producers support the expansion of the deal
to reach its final goals, and that Russia also strongly supports these
The report said it was easy to pass the decision to extend OPEC's
production cut-off agreement regardless of the presence of some
countries opposed to it because of its economic crisis, but it is clear
that the world's largest oil producers are determined to end the supply.
The report warned that a lack of agreement on continued market
intervention by reducing supply could cause oil prices to drop
immediately with any gains made last year in a relatively excluded
situation - a halt to the cut production agreement.
to the report, the world's top oil and gas exporters find in
co-operation and co-ordination an urgent need for a better future for
the industry, with the aim of maintaining the market in a state of
sustained growth and growing profitability. Everyone is aware that
achieving these goals of prosperity will only be achieved through Through fruitful cooperation deals, in particular the extension of the work of production cuts.
are in intensive consultations with all our colleagues around the world
within and outside OPEC and we can not make statements at this stage
until we conclude the upcoming producers' meeting in Vienna on
Thursday," the report highlighted. Next, but we confirm that we are on the right path. "
report noted that Al Faleh's statements and all the current political
and economic conditions indicate that there is a green light for
extension. He pointed out that the record high oil prices at the end of
last week due, in part, to the closure of the Keystone pipeline in
Canada for the second week in a row, Canadian crude is shipped to the United States.
Canadian oil crisis is expected to continue its role in boosting prices
following the migration of international oil companies from Canada amid
the high cost of producing oil sands, which threatens the direction of
supplies to decline significantly. "Despite
these negative indicators of the Canadian production of sand oil, the
International Energy Agency expects Canadian production to jump by 900
thousand barrels per day by 2022, the production of more than five
million barrels per day due to technology and efficiency in existing
fields "Pointing out that the issue of pipelines and leakage problems will remain a problem for the Canadian oil sands industry.
BP has confirmed that six of the major players in the crude oil market and in the energy system in general.
report, prepared by Bernard Loney, director of upstream projects at the
company under the title "Exploration and Exploration Strategies to
Achieve Success with Low Oil Prices", suggests that these six forces
lead to a storm of radical change in industry. Around the world, which is expected to exceed 9 billion by 2040.
second of these forces is the growth of the global economy, which is
also accelerating, and is expected to achieve stronger levels in the
coming years," the report said, noting that there is a state of
reassurance in return of the abundance of energy as the world has what
covers the needs of half a century of oil and gas given To proven reserves alone.
report noted that the third of these powers is that the crude oil
industry is currently facing the stage of the climate challenge, where
there are many actions being taken to address climate change and
therefore must work to slow the growth of carbon emissions in order to
achieve the goals agreed by governments to protect the environment This requires stronger policies to promote lower carbon emissions options.
fourth power is the rise of renewable energy and we expect its role in
the global energy mix to grow by more than 7 percent a year over the
next two decades, compared to just over 0.5 percent for oil and 1.5
percent for gas. Some energy-producing countries are as fortunate as Brazil, which has a
large base of hydroelectric power, the report said, adding that the
fifth force is that governments are formulating policies to reduce
carbon emissions and promote alternative forms of energy.
sixth and final power, according to the BP report, is what some call
the "Fourth Industrial Revolution", which means the integration of the
digital and physical worlds with the use of software to monitor and
organize physical elements, noting that this latter force is the power
of balance, Because it can help us change the way we work and at the same time
enable us to increase energy efficiency and keep pace with demand