• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, July 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

US Mounts Pressure On OPEC For 30.1mbpd In 2023

by Chika Izuora
3 years ago
in Business
OPEC
Share on WhatsAppShare on FacebookShare on XTelegram

The United States of America(USA), is currently mounting serious pressure on the Organisation of Petroleum Exporting Countries(OPEC), to wet the oil market as global energy crises escalates.

 

Advertisement

Global oil market is seeing no improved supply as the Organization of Petroleum Exporting Countries, OPEC’s first oil-market outlook for 2023 suggests no relief for squeezed consumers, with more crude needed from the group even though most members are already pumping flat out.

 

The report published by OPEC’s Vienna-based research department on Tuesday indicates the supply crunch will persist.

 

RELATED

Nigeria’s Internet Subscribers Reach 148m, Highest In 14 Months

Despite 50% Tariff Hike, Internet Usage Hits 1m TB In May

8 hours ago
Equities To Sustain Positive Sentiment Amidst Audited Earnings Expectations

Interim Dividend: Stocks Gain N377bn In 1 Week

8 hours ago

Global demand will expand by 2.7 million barrels a day next year, bolstered by growth in emerging economies, while supplies outside OPEC will increase by 1.7 million a day, according to the cartel’s analysis. Gasoline and diesel fuel will drive the growth in consumption.

 

To balance supply and demand, OPEC would need to provide an average of 30.1 million barrels a day in 2023 which is 1.38 million a day more than the cartel’s 13 nations pumped in June.

 

The White House believes OPEC has capacity to raise oil production as additional pressure comes with scheduled visit by President Joe Biden to the Middle East.

“We do believe there is a capacity for further steps that could be taken,” National Security Advisor, Jake Sullivan said in a press conference on Monday. It’s ultimately up to OPEC countries to determine what those additional steps entail, he said.

 

Biden has intensified efforts to lobby the cartel for more output in an effort to tame high energy prices.

 

He is making his first visit to the Middle East this week, which will include a stop in Saudi Arabia. OPEC, expects global oil demand growth to exceed the increase in supplies by

1 million barrels a day next year and to fill the gap, OPEC would need to significantly hike production, but members are already falling far behind the volumes needed right now due to underinvestment and political instability.

 

Crude prices are holding above $100 a barrel as the world’s oil fields and refining facilities fail to keep pace with the post-pandemic rebound in fuel demand. That’s exacerbating a cost-of-living crisis and threatening to tip the global economy into recession.

 

President Joe Biden is urging Middle East producers to ease the crisis by opening the taps. He will visit the region this week with a planned stop in OPEC leader Saudi Arabia, but many analysts expect Gulf exporters to ration their remaining spare production capacity carefully.

 

National Security Advisor, Jake Sullivan told reporters on Monday that the US believes OPEC has scope to raise production, though it’s ultimately up to member countries to determine what steps to take.

 

If Biden does persuade Riyadh and the neighboring United Arab Emirates to provide some extra supply, the move will likely be formalized at the next meeting of OPEC and its partners on August 3, according to RBC Capital Markets LLC.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: OPEC+
SendShareTweetShare
Previous Post

Price Adjustment Will End Fuel Scarcity–Marketers

Next Post

Sports Ministry Does Not Interfere In AFN Affairs – Scribe

Chika Izuora

Chika Izuora

You May Like

Nigeria’s Internet Subscribers Reach 148m, Highest In 14 Months
Business

Despite 50% Tariff Hike, Internet Usage Hits 1m TB In May

2025/07/05
Equities To Sustain Positive Sentiment Amidst Audited Earnings Expectations
Business

Interim Dividend: Stocks Gain N377bn In 1 Week

2025/07/05
Nigeria Is Top Investment Pick, Says Asia Fund Veteran
Business

Nigeria Is Top Investment Pick, Says Asia Fund Veteran

2025/07/05
Galaxy Backbone, REA Partner To Power Rural Areas
Business

Galaxy Backbone, REA Partner To Power Rural Areas

2025/07/05
Press Release – Response To Allegations Against Segilola Resources Operating Limited By Osun State Gov’t
Business

Segilola Resources Unveils Livelihood Programme For Osun Communities

2025/07/05
Surge In Cost Of Building Materials, Escalating House Rents
Business

Housing Ministry Holds Retreat On Performance Contract Signing

2025/07/05
Leadership Conference advertisement

LATEST

Liverpool Stars Honour Diogo Jota, André Silva At Funeral In Portugal

Chelsea Complete £48.5m Signing Of Gittens From Dortmund

Forget 2027, Presidency Tells Coalition’s ADC

More Than 50% Of Medicines In Circulation Are Fake — Pharmacists

Edo Senator Intervenes In Army-Oghede Community Land Dispute

Oyo SEMA Issues Flood Alert In  3 LGAs, Warns Residents

Federal Gov’t Surmounting Inherited Security challenges — NSA

Burnley Sign Walker From Man City In £5m Deal

BBNaija Season 9 Reunion Ends With Drama, Apologies, Closure

Lagos Street Photo Walks To Spotlight Youth Entertainment, Empowerment

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.