Oman recommends extending OPEC+ output cuts to end-2020

Oman’s Oil Minister Mohammed Al-Rumhi said his country’s delegation in Vienna this week would recommend an extension of output cuts until the end of 2020. (Reuters)
Updated 04 December 2019

Oman recommends extending OPEC+ output cuts to end-2020

  • ‘Whatever is needed I am sure they (participants at the oil talks) will make the right decision’

DUBAI: Oman’s Oil Minister Mohammed Al-Rumhi said on Wednesday that his country’s delegation at talks with leading oil producers in Vienna this week would recommend an extension of output cuts until the end of 2020.
Asked if deeper cuts would help stabilize the market, Rumhi speaking at in industry event in Dubai said: “Whatever is needed I am sure they (participants at the oil talks) will make the right decision.”
The Organization of the Petroleum Exporting Countries (OPEC)and non-OPEC allies including Russia and Oman, a group known as OPEC+, meet in Vienna on Thursday and Friday.


Aramco chief sees demand for oil staying above 100m barrels

Updated 23 January 2020

Aramco chief sees demand for oil staying above 100m barrels

  • A panel on the global energy outlook at the WEF in Davos heard that renewable energy alone would not be able to meet rising demand for power as more people moved into the middle class
  • The panel also heard that coal, not oil, remained the biggest source of carbon emissions

DAVOS: Aramco CEO Amin Nasser said he expected global oil demand to stay above the 100 million barrels threshold as the rise of the global middle class spurred demand for energy.
A panel on the global energy outlook at the World Economic Forum in Davos heard that renewable energy alone would not be able to meet rising demand for power as more people moved into the middle class.
“There will be additional demand and the only way to meet it is if you continue to provide affordable, reliable and viable energy to the rest of the world,” said the Aramco CEO.
“There is good penetration from renewables and electric cars are picking up however you need to consider what is happening in the world. There are still an additional 2 billion people coming. There are currently 3 billion people using biomass, animal dung, kerosene for cooking and there are 1 billion people today without electricity and almost 50 percent of people have never flown in an aeroplane.”
The panel heard that coal, not oil, remained the biggest source of carbon emissions but that the location of many coal-fired power plants in developing Asian economies meant that reducing its impact was a major challenge.
“The number one source of emissions by far is the coal fire power plants – they alone are responsible for one third of emissions,” said International Energy Agency Executive Director Fatih Birol. “But they are in many cases the number one source of electricity generation in low income countries - so this is not a black and white issue.”