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By Tsvetana Paraskova
Continued control of the Middle East-dominated OPEC+ group over global oil markets, the pledge of the world’s largest oil exporter to achieve net-zero emissions by 2060, and the rebranding of Qatar’s state energy firm, which is a major exporter of liquefied natural gas (LNG), were the highlights of Middle East’s oil and gas sector over the past month.
OPEC+ keeps firm control over oil market During a short meeting in early October, the OPEC+ alliance – led by Saudi Arabia and Russia – decided to ease their collective oil production cuts by 400,000 barrels per day (bpd) in November, as previously planned. The OPEC+ group made the decision despite calls from the United States and other major consumers such as India that OPEC+ should do more to reduce the price of oil – and therefore the price of fuels – by increasing oil production by larger volumes than initially intended.
www.ogv.energy I November 2021
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