Connect with us

Business

OPEC + will need to boost production to meet recovery in demand in 2022 -IEA By Reuters

Published

on

OPEC + will need to boost production to meet recovery in demand in 2022 -IEA By Reuters
© Reuters. FILE PHOTO: The OPEC logo pictured before an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, on September 28, 2016. REUTERS / Ramzi Boudina / File Photo

By Noah Browning

LONDON (Reuters) – OPEC + oil producers will need to increase their production to meet demand that will recover to pre-pandemic levels by the end of 2022, the International Energy Agency said on Friday.

“OPEC + needs to turn on the taps to keep the world’s oil markets adequately supplied,” the Paris-based energy watchdog said, adding that rising demand and countries’ short-term policies are at odds with the IEA call to end new fuels and gas. and coal finance in a robust report released last month.

“In 2022 there is scope for the 24-member OPEC + group, led by Saudi Arabia and Russia, to increase crude supply by 1.4 million barrels per day (bpd) above its July 2021 target. as of March 2022, “he said in his monthly oil report.

OPEC + agreed in April to gradually ease oil production cuts from May to July and confirmed the decision at a meeting on June 1.

Meeting restored demand is “unlikely to be a problem,” the IEA said, forecasting that OPEC + will still have 6.9 million bpd of available capacity effective after July and that Iran’s talks with world powers could free up its oil supply from US sanctions.

“If sanctions against Iran are lifted, an additional 1.4 million bpd could be brought to market in a relatively short time.”

The IEA shocked the energy industry with its “Net Zero by 2050” report on May 18, saying investors should not finance new fossil fuel projects if the world is to meet the targets of controlling the emissions that cause rising prices. temperatures for mid-century.

“This roadmap notes that most of the countries’ promises are not yet backed by short-term policies and measures,” the IEA said on Friday.

“It appears that the demand for oil will continue to rise, underscoring the enormous effort required to move towards the stated ambitions.”

Disclaimer: Fusion Media I would like to remind you that the data contained in this website is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by exchanges, but by market makers, so the prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not appropriate for commercial purposes. Therefore, Fusion Media assumes no responsibility for any business losses you may incur as a result of the use of this data.

Fusion Media or anyone involved with Fusion Media will not accept any responsibility for loss or damage as a result of reliance on information, including data, quotes, charts, and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Advertisement

Lifestyle

The 7 best epic novels you will want to read and reread over and over again The 7 best epic novels you will want to read and reread over and over again
LifeStyle10 hours ago

The 7 best epic novels you will want to read and reread over and over again

Despite concerns about the early pandemic that eventually run out of good TVHonestly, I don’t feel like we’ve ever done...

6 small patio design ideas to make the most of your space 6 small patio design ideas to make the most of your space
LifeStyle10 hours ago

6 small patio design ideas to make the most of your space

I think we can all agree that this summer More than ever We are excited to do each and every...

Food delivery companies are popping up in S’pore, but complaints are on the rise Food delivery companies are popping up in S’pore, but complaints are on the rise
LifeStyle11 hours ago

Food delivery companies are popping up in S’pore, but complaints are on the rise

It seems that negative comments about food delivery companies abound online. A quick glance at the Facebook pages of the...

How are delivery-only food and beverage brands affected in cloud kitchens during MCO? How are delivery-only food and beverage brands affected in cloud kitchens during MCO?
LifeStyle11 hours ago

How are delivery-only food and beverage brands affected in cloud kitchens during MCO?

With dinners banned during closures, many restaurants have had to switch online and offer their wares through delivery and takeout....

Malaysian indie game developer behind The Company Man Malaysian indie game developer behind The Company Man
LifeStyle12 hours ago

Malaysian indie game developer behind The Company Man

At a time when many of us are WFH and lacking office culture (or not, there is no judgment here),...

Coworking and coliving hotel in Gua Musang, Kelantan Coworking and coliving hotel in Gua Musang, Kelantan
LifeStyle15 hours ago

Coworking and coliving hotel in Gua Musang, Kelantan

Only recently have we noticed new coworking space launches in Klang Valley slowing down. Considering the pandemic and travel restrictions,...

4 Nutritionist Approved Healthy Foods on Amazon to Update Your Pantry 4 Nutritionist Approved Healthy Foods on Amazon to Update Your Pantry
LifeStyle1 day ago

4 Nutritionist Approved Healthy Foods on Amazon to Update Your Pantry

In a dream world, healthy, nutrient-dense meals would be easily accessible to everyone. Buying quinoa, leafy greens, and other superfoods...

Where the magic of Tata Harper happens Where the magic of Tata Harper happens
LifeStyle1 day ago

Where the magic of Tata Harper happens

Tata Harper is famous for doing most of the manufacturing of her clean, natural skincare on her farm in Vermont,...

The Best Summer Pasta Salad Recipe You Must Try This Season The Best Summer Pasta Salad Recipe You Must Try This Season
LifeStyle1 day ago

The Best Summer Pasta Salad Recipe You Must Try This Season

I am currently sitting in my parents’ backyard, an oasis in the heart of Northern California, it is my happy...

Top 9 Dating Apps For 30s – Time To Find The Real Deal! Top 9 Dating Apps For 30s – Time To Find The Real Deal!
LifeStyle1 day ago

Top 9 Dating Apps For 30s – Time To Find The Real Deal!

Even if you’re the type of person who loves the thrill of the hunt, the seemingly endless dating carousel can...

Advertisement

Sport

Monty Williams credits Brett Brown and Joe Prunty as game winner Monty Williams credits Brett Brown and Joe Prunty as game winner
Sports27 seconds ago

Monty Williams credits Brett Brown and Joe Prunty as game winner

The Phoenix Suns made one of the greatest last-second in-bounds plays in NBA postseason history on Tuesday. Now Suns coach...

Report: Nets’ James Harden Withdrawn From US Olympic Roster Report: Nets’ James Harden Withdrawn From US Olympic Roster
Sports15 mins ago

Report: Nets’ James Harden Withdrawn From US Olympic Roster

Brooklyn Nets star James Harden has taken his name off the US roster for the upcoming Tokyo Olympics due to...

LaVine, Grant commit to Olympic team, Harden retires LaVine, Grant commit to Olympic team, Harden retires
Sports23 mins ago

LaVine, Grant commit to Olympic team, Harden retires

Bull guard Zach LaVine and pistons forward Jerami Scholarship have committed to playing for Team USA at the Tokyo Olympics,...

Report: Celtics finalize plans to hire Ime Udoka as next head coach Report: Celtics finalize plans to hire Ime Udoka as next head coach
Sports39 mins ago

Report: Celtics finalize plans to hire Ime Udoka as next head coach

Former Boston Celtics head coach Brad Stevens reportedly found his replacement in Brooklyn Nets assistant Ime Udoka. According to ESPN’s...

Ben Simmons would continue to receive significant commercial interest Ben Simmons would continue to receive significant commercial interest
Sports46 mins ago

Ben Simmons would continue to receive significant commercial interest

Ben Simmons’ stocks are definitely down from where they were even earlier this season. However, there is a big difference...

Why Kershaw thinks managers should be punished for failed pitcher checks Why Kershaw thinks managers should be punished for failed pitcher checks
Sports60 mins ago

Why Kershaw thinks managers should be punished for failed pitcher checks

We have sent an email with instructions to create a new password. Your current password has not been changed. We...

Suns-Clippers classic marred by endless NBA replay reviews in final two minutes Suns-Clippers classic marred by endless NBA replay reviews in final two minutes
Sports1 hour ago

Suns-Clippers classic marred by endless NBA replay reviews in final two minutes

As the voice of the Dallas Mavericks since 2005, Chuck Cooperstein has called play-by-game for approximately 1,430 professional basketball games....

Nationals general manager Mike Rizzo calls Phillies manager Joe Girardi a ‘con man’ Nationals general manager Mike Rizzo calls Phillies manager Joe Girardi a ‘con man’
Sports1 hour ago

Nationals general manager Mike Rizzo calls Phillies manager Joe Girardi a ‘con man’

PHILADELPHIA – Washington Nationals general manager Mike Rizzo called Joe Girardi a “con man” a day after the Philadelphia manager...

Kershaw: Managers should be punished for failed pitcher checks Kershaw: Managers should be punished for failed pitcher checks
Sports1 hour ago

Kershaw: Managers should be punished for failed pitcher checks

Clayton Kershaw essentially backed up Washington Nationals ace Max Scherzer with his recent comments about checking pitchers for foreign substances....

NBA player Alex Caruso charged with possession of marijuana NBA player Alex Caruso charged with possession of marijuana
Sports2 hours ago

NBA player Alex Caruso charged with possession of marijuana

FILE – Los Angeles Lakers’ Alex Caruso # 4 reacts after being charged for a foul during the second half...

Advertisement

Entertainment

Clean beauty products to change ASAP Clean beauty products to change ASAP
Entertainment3 mins ago

Clean beauty products to change ASAP

Us Weekly has affiliate associations, so we may receive compensation for some links to products and services. Little by little...

Everything that comes and goes on Netflix in July 2021 Everything that comes and goes on Netflix in July 2021
Entertainment9 mins ago

Everything that comes and goes on Netflix in July 2021

CONTACT US ANNOUNCE SITE MAP CONTENT MAP EU users: click here to revoke your choice. California Notice / Do Not...

Dove Cameron posts sultry pics without pants on Instagram as she prepares for a suit Dove Cameron posts sultry pics without pants on Instagram as she prepares for a suit
Entertainment13 mins ago

Dove Cameron posts sultry pics without pants on Instagram as she prepares for a suit

news Dove Cameron posts sultry pics without pants on Instagram as she prepares for a suit Another hot day has...

Seth Rogen shares a joint with Conan O’Brien on late night TV Seth Rogen shares a joint with Conan O’Brien on late night TV
Entertainment16 mins ago

Seth Rogen shares a joint with Conan O’Brien on late night TV

Conan O’Brien’s late-night tenure is coming to an end and you know what they say: “If you have to go,...

Why Scooter Braun Regrets His Fight With Taylor Swift Why Scooter Braun Regrets His Fight With Taylor Swift
Entertainment18 mins ago

Why Scooter Braun Regrets His Fight With Taylor Swift

“I asked her to sit with me several times, but she refused,” he says. Scooter Braun opened up about his...

Lori Loughlin and Mossimo Giannulli’s vacation photos in Mexico are here Lori Loughlin and Mossimo Giannulli’s vacation photos in Mexico are here
Entertainment26 mins ago

Lori Loughlin and Mossimo Giannulli’s vacation photos in Mexico are here

There are some iconic images of the college admissions scandal, a story of unlimited privilege in which a handful of...

The relationship between Sheila and Greta in Physics made me wonder if we are actually more positive for the body now than we were then. The relationship between Sheila and Greta in Physics made me wonder if we are actually more positive for the body now than we were then.
Entertainment38 mins ago

The relationship between Sheila and Greta in Physics made me wonder if we are actually more positive for the body now than we were then.

A Warning for Eating Disorder / Self-Harm Discussions There are many reasons the Physical is a daunting task, but most...

David Adefeso shared this message for world leaders: watch his video David Adefeso shared this message for world leaders: watch his video
Entertainment41 mins ago

David Adefeso shared this message for world leaders: watch his video

David Adefeso shared the following message for Father’s Day. Check out his video here. Someone said, ‘Happy Father’s Day to...

Jennifer Aniston, Brad Pitt’s relationship, divided in her own words Jennifer Aniston, Brad Pitt’s relationship, divided in her own words
Entertainment49 mins ago

Jennifer Aniston, Brad Pitt’s relationship, divided in her own words

Jennifer Aniston other Brad Pitt They were once the most beloved couple in Hollywood. Although it has been more than...

Netflix’s ‘Sexy Beasts’ Dating Show: Cast, Trailer, Premiere Date Netflix’s ‘Sexy Beasts’ Dating Show: Cast, Trailer, Premiere Date
Entertainment59 mins ago

Netflix’s ‘Sexy Beasts’ Dating Show: Cast, Trailer, Premiere Date

Don’t judge a book by its cover? That’s the premise of Netflix’s wildly unique new dating show. Sexy beastsin which...

Advertisement

Tech

Health giant Grupo Fleury hit by alleged REvil ransomware attack Health giant Grupo Fleury hit by alleged REvil ransomware attack
Tech2 mins ago

Health giant Grupo Fleury hit by alleged REvil ransomware attack

Brazilian medical diagnostics company Grupo Fleury has suffered a ransomware attack that has disrupted business operations after the company shut...

How to Use Shortcuts to Automatically Change Your iPhone Wallpaper Every Day How to Use Shortcuts to Automatically Change Your iPhone Wallpaper Every Day
Tech12 mins ago

How to Use Shortcuts to Automatically Change Your iPhone Wallpaper Every Day

By combining Shortcuts with the Unsplash stock footage website, you can automate iPhone and iPad to change your home screen...

Lawmakers in the House of Representatives are beginning to consider six bills aimed at undoing the dominance of big technology. Lawmakers in the House of Representatives are beginning to consider six bills aimed at undoing the dominance of big technology.
Tech21 mins ago

Lawmakers in the House of Representatives are beginning to consider six bills aimed at undoing the dominance of big technology.

House lawmakers began the process Wednesday of considering a legislative package that would reform the nation’s antitrust laws in an...

Best Comfort Grips for Nintendo Switch 2021 Best Comfort Grips for Nintendo Switch 2021
Tech25 mins ago

Best Comfort Grips for Nintendo Switch 2021

Best comfortable grips for Nintendo Switch Me more 2021 One of the most important things for portable gaming is making...

How to test the new Safari and Live Text tab bar in macOS Big Sur How to test the new Safari and Live Text tab bar in macOS Big Sur
Tech32 mins ago

How to test the new Safari and Live Text tab bar in macOS Big Sur

Safari is going through big changes when macOS 12 Monterey launches this fall. Apple has updated its browser on all...

How to batch rename files in macOS How to batch rename files in macOS
Tech37 mins ago

How to batch rename files in macOS

If you have multiple files to collect in the same folder, but want to title them in a neater way,...

Beloved author RL Stine finds a new generation to terrorize with Fear Street Beloved author RL Stine finds a new generation to terrorize with Fear Street
Tech44 mins ago

Beloved author RL Stine finds a new generation to terrorize with Fear Street

For child horror author RL Stine, nothing beats creating stories that scare children. In the 90s, those writing sessions became...

PAX West is still happening as an in-person event, tickets will go on sale soon PAX West is still happening as an in-person event, tickets will go on sale soon
Tech48 mins ago

PAX West is still happening as an in-person event, tickets will go on sale soon

In Word: The organizers of the PAX gaming expo have reaffirmed their commitment to host an in-person event later this...

The dual-chamber patent at the center of the lawsuit against Apple needs to be reconsidered The dual-chamber patent at the center of the lawsuit against Apple needs to be reconsidered
Tech58 mins ago

The dual-chamber patent at the center of the lawsuit against Apple needs to be reconsidered

The Federal Circuit has affirmed and overturned previous patent testing and review board decisions on a Corephotonics patent lawsuit alleging...

Supreme Court Sides Cheerleader in Freedom of Speech Case Supreme Court Sides Cheerleader in Freedom of Speech Case
Tech1 hour ago

Supreme Court Sides Cheerleader in Freedom of Speech Case

The Supreme Court makes a First Amendment ruling. Richard Sharrocks / Getty Images Editor’s Note: This court case focuses on...

Advertisement
Advertisement