Osama Soliman from Vienna.
The Organization of Petroleum Exporting Countries (OPEC) stressed that energy security at the heart of the OPEC entity, stressing the commitment to work to achieve sustainable stability even during unprecedented events such as attacks on Saudi oil facilities about a month ago.
A recent report by the organization - the results of the third Indian Energy Forum "Serawek" on the impact of global oil markets in India - that in the immediate aftermath of these horrific attacks Saudi Arabia moved quickly to ensure a stable supply of the global market, and worked to restore production capacity, pointing out that the ideal treatment the situation quickly boosted market stability and eased fears of supply disruptions.
The report stressed that the oil industry is in a much stronger position today because of the provision of sustainable energy supplies more than it was just three years ago, saying that this shift is largely due to the efforts, made by the "OPEC +" coalition, which includes OPEC countries “Ten other producing countries, which are not members of the Organization, met in the declaration of Cooperation to address the industry crisis between 2014 and 2016.
The report said that since 2016, production adjustments made by the Partners of the Declaration of Cooperation have brought lasting stability to the global oil market, and have contributed to restoring investor confidence and benefited both producers and consumers. Moreover, market balancing measures continue to provide critical support to the global economy.
He noted that the partners of the Declaration of Cooperation approved a voluntary "cooperation pact", and Saudi Arabia and Russia reaffirmed their commitment to the "pact" in Riyadh, where the "pact" takes an important step beyond the important focus of the "declaration" on the amendments to the offer.
The cooperation charter provides a permanent basis for the opportunity to facilitate dialogue, promote a better understanding of market fundamentals, support energy sustainability and promote technological progress, the report said, noting that OPEC does not believe in one-way streets.
The report said that producer and consumer dialogue contributed significantly to the successful restoration of sustainable stability of the global oil market, thanks to the wide enthusiasm of all parties.
The report pointed out that India imports about 80 percent of its oil from "OPEC", while the member states of the Organization to establish closer investment relations with India.
The report quoted the assurances of OPEC Secretary-General Mehmet Barkindo on the need to work closely with the Indian Ministry of Oil and Gas through energy dialogues, conducted by OPEC and India, which began in 2015 and have become more valuable over time. pointing out to hold a tour in the next high-level energy dialogue in December.
According to the report, OPEC dialogues provide a deeper understanding of India's needs, and expanding technical consultations are helping to ensure a secure and stable energy future.
He noted that "OPEC" is an important energy partner in India, where he has been exploring ways to enhance cooperation with New Delhi, and work together to address poverty issues and energy security, pointing out that India is one of the essential drivers for the growth of global demand, it is expected to gross domestic product of the country's 6.1 growth percent in 2019 and 6.7 percent in 2020, making it one of the fastest-growing economies in the world.
The latest figures from OPEC in its relationship with India show that demand for OPEC oil rose in August by 0.12 barrels per day for the second consecutive month, with a total consumption of 4.61 million barrels per day, while demand growth is estimated Oil production in the country is about 0.14 million barrels per day this year, accounting for 15 percent of the growth of global oil demand.
According to the annual report of the expectations of OPEC, which will be released on November 5 (November) will increase global demand for primary energy 33 per cent or 91 million barrels per day between 2015 and 2040, and will form India 24 percent of the expected increase, or about 22 million barrels per day.
The report predicts that India will see the largest additional demand for oil and the fastest growth (3.7 percent per annum) in the coming period until 2040. Moreover, the Indian economy will grow at an average annual rate of 6.5 per cent for the period from 2017 to 2040, and is expected to exceed India's GDP is equivalent to the Organization for Economic Co-operation and Development in Europe by 2035, and to surpass the Organization for Economic Cooperation and Development in America by 2040.
OPEC is also involved in collective efforts, including the 2015 Paris Convention on Climate Change and the ongoing UN discussions on climate change, to address the challenge of global warming. Deeper cooperation and public policies that encourage a sustainable mix of energy, with oil becoming the preferred fuel.
The report reiterated that the oil industry will still need a supportive investment climate if we are to meet the world's growing energy needs while providing climate solutions as well. Discriminatory policies against oil and gas.
The report noted that the oil industry has historically been a leader in the development and deployment of technologies, which provide progressive improvements in efficiency, exploration, and delivery, which in turn ensure a secure and stable supply of energy for the benefit of oil-producing and consuming countries and the global economy as a whole.
On the other hand, the trade war between the United States and China dominated the oil markets during the last week, amid a relative decline in the hopes of achieving progress in the negotiations, which led to the conclusion of the week's trading on a decline, as the benchmark crude ended the week with losses Brent fell 1.8 in US crude and 1.7 percent.
Oil prices fell at the end of last week on concerns about the Chinese economy, which covered positive signals from its refining sector, but losses were constrained by hopes for progress towards a US-China trade agreement.
Brent crude ended 49 cents lower at $ 59.42 a barrel, according to Reuters.
US West Texas Intermediate (WTI) crude futures fell 15 cents to settle at $ 53.78 a barrel.
US energy companies increased the number of oil rigs in operation for the second week in a row for the first time since June, despite producers implementing plans to cut spending on new drilling this year.
Said Baker Hughes Energy Services Company, in its weekly report, which has a follow-up document, the companies added dredgers oil and one in the week ending 18 October (October), the total number of active rigs for up to 713 rigs, and in this same week a year ago, it was there are 873 oil rigs running.
The number of active oil rigs, a preliminary indicator of future production, has fallen over the past 10 months as independent exploration and production companies cut spending on new drilling while focusing more on profit growth rather than higher production.
Investors are worried about crude demand levels after data from the US Energy Information Administration showed oil inventories rose 9.3 million barrels in the week ending October 11 to 434.9 million barrels.
Analysts had expected US inventories to rise by 2.7 million barrels during the same period, while gasoline inventories fell by 2.6 million barrels last week.
Oil production in the United States stabilized at an all-time high last week, with net imports of US crude exceeded three million barrels per day.
The weekly report revealed that the average production reached 12.600 million barrels per day last week, the levels of the previous week itself.
Thus, US oil production stands at the highest level in history on a weekly basis, which was recorded in the first week of this month.
The increased imports of US oil by about 70 thousand barrels per day last week to reach 6.295 million barrels per day.
With the rise of oil imports and exports fell, the net imports of US record 3.047 million barrels per day last week, the highest of about 223 thousand barrels per day from the levels of the previous week.
