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OPEC has been scaling up oil production slowly, but it also has limited spare capacity and is probably cautious not to oversupply the market again. Beyond spare capacity, oil production has very long investment cycles. More @Wikipedia
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- Global Risks Report 2023 | World Economic ForumEven if the economic fallout remains comparatively contained, global growth is forecast to slow to 2.7% in 2023, with around one-third of the world’s economy facing a technical recession – the third-weakest growth profile in over 20 years. 18 This downturn will be led by advanced markets, with projected growth falling to 1.1% in 2023, while ...
- Organization of the Petroleum Exporting Countries (OPEC)Founded in 1960, the Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organization with a mission to coordinate and unify the petroleum policies of member countries and ensure the stabilization of oil prices in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital ...
- How does the war in Ukraine affect oil prices?Listen to the article. On 24 February 2022 Russia launched a military invasion on Ukraine. Already inflated oil prices have since skyrocketed to over $110 per barrel. An expert discusses the impact on energy prices and the energy transition. Two weeks ago when oil prices were approaching $100, Maciej Kolaczkowski, Manager Oil and Gas Industry ...
- Inflation: Why is it rising across the world and will it stay that way ...Inflation is rising and the prospect of a cost of living crisis looms for many people across the world. April saw a CPI (consumer price index) increase of 8.3%, while US inflation has stayed at a 40-year high. Driven by food and energy costs in the wake of the COVID-19 pandemic, inflation has been exacerbated by the Russian invasion of Ukraine.
- Chart: Rainforest loss in the tropics | World Economic ForumThis Statista chart shows primary tropical rainforest loss in 2021. The Guardian reports that discussions over a potential new ‘Rainforest OPEC’ deal are underway between Brazil, Indonesia and the Democratic Republic of Congo - three countries holding the keys to 52 percent of the world’s remaining primary tropical forests.
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