• Latest
  • Trending
OPEC Pledges Support for Access to Modern Energy Sources

OPEC Pledges Support for Access to Modern Energy Sources

December 8, 2020
Nigerians React As Twitter Sets Up African Headquarters In Ghana – Trending With Ojy Okpe

Nigerians React As Twitter Sets Up African Headquarters In Ghana – Trending With Ojy Okpe

April 13, 2021
ARISE.TV HEADLINES 13-04-21

ARISE.TV HEADLINES 13-04-21

April 13, 2021
Iran Says Attack on Facility Will Affect Vienna Talks Over Nuclear Deal

Iran Says Attack on Facility Will Affect Vienna Talks Over Nuclear Deal

April 13, 2021
US Approves Single-shot Johnson & Johnson Covid Vaccine

US Calls for Pause On Johnson & Johnson’s Covid-19 Vaccine Over Blood Clot Cases

April 13, 2021
Kovacic Hands Chelsea Injury Blow Ahead of Champions League Tie with Porto

Kovacic Hands Chelsea Injury Blow Ahead of Champions League Tie with Porto

April 13, 2021
Kim Kardashian and Kanye West Agree Joint Custody of Children After Divorce

Kim Kardashian and Kanye West Agree Joint Custody of Children After Divorce

April 13, 2021
Champions League Showdown in Paris as Bayern  Look to Overturn PSG Deficit

Champions League Showdown in Paris as Bayern  Look to Overturn PSG Deficit

April 13, 2021
Thomas Tuchel Vows to Turn Chelsea into ‘a Team No One Wants to Play Against’

Tuchel Says it’s Time For Chelsea FC to Win Champions League Again 

April 13, 2021
China Sends 25 Warplanes into Taiwan’s Air Defense Zone, Taipei Says

China Sends 25 Warplanes into Taiwan’s Air Defense Zone, Taipei Says

April 13, 2021
Coronavirus Pandemic ‘a Long Way from Over’ WHO Says

Coronavirus Pandemic ‘a Long Way from Over’ WHO Says

April 13, 2021
Japan to Release Contaminated Fukushima Water into Sea after Treatment

Japan to Release Contaminated Fukushima Water into Sea after Treatment

April 13, 2021
Nigeria Editors Seek Government’s Intervention to Halt Media’s Collapse

Nigeria Editors Seek Government’s Intervention to Halt Media’s Collapse

April 13, 2021
Qatar to Invest $5bn in Nigeria, Says Foreign Minister Onyeama

Qatar to Invest $5bn in Nigeria, Says Foreign Minister Onyeama

April 13, 2021
Reports That Dangote Selling Cement at a Higher Price in Nigeria ‘False and Incorrect’, Director Says

Cement Cheaper in Nigeria than Ghana and Zambia, Dangote Group Insists

April 13, 2021
Japan Olympic Adviser Urges Covid Vaccine Option for Athletes

Japan Olympic Adviser Urges Covid Vaccine Option for Athletes

April 13, 2021
Okonjo-Iweala’s Confirmation as WTO DG Hits New Snag with Geneva Lockdown

Vaccine Nationalism, Export Restrictions Hampering Africa’s Vaccination Efforts, WTO Boss Says

April 13, 2021
‘I Miss My Brother’, George Floyd’s Younger Sibling Tells Court

‘I Miss My Brother’, George Floyd’s Younger Sibling Tells Court

April 13, 2021
Muslims Open Ramadan with Social Distanced Prayers, Vaccines

Muslims Open Ramadan with Social Distanced Prayers, Vaccines

April 13, 2021
Nigeria’s Southeast Governors Plan Legal Backing for ‘Regional Police’

Nigeria’s Southeast Governors Plan Legal Backing for ‘Regional Police’

April 13, 2021
Restructuring Alone Can’t Solve Nigeria’s Problems, Former President Jonathan Says

Voters, Not Court, Should Choose Leaders, Nigeria’s Ex-President Jonathan Says

April 13, 2021
Volcano Erupts in Southern Caribbean, Sparking Evacuation Frenzy

St Vincent Volcano Erupts Again, Spewing More Gas and Ash

April 13, 2021
Protests in Minneapolis after Police Chief Says Officer Who Shot Black Man Meant to Use Taser

Protests in Minneapolis after Police Chief Says Officer Who Shot Black Man Meant to Use Taser

April 13, 2021
The Sugar Strategies Of Dangote Sugar, BUA Group, And Flour Mills

The Sugar Strategies Of Dangote Sugar, BUA Group, And Flour Mills

April 13, 2021
Pension Assets Decline, Kano Pillars Sign MOU With A Private Firm

Pension Assets Decline, Kano Pillars Sign MOU With A Private Firm

April 13, 2021
ARISE XCHANGE

ARISE XCHANGE

April 12, 2021
Nigeria Announces Stricter Guidelines on Flights from UK, South Africa, Stops Short of Travel Ban

Nigeria Says ‘Criminal Elements’ Planning to Attack Airports

April 12, 2021
34 Migrants Dead After Boat Capsizes off Djibouti

34 Migrants Dead After Boat Capsizes off Djibouti

April 12, 2021
‘Twitter on the Continent’: Tech Giant Sets Up African HQ in Ghana

‘Twitter on the Continent’: Tech Giant Sets Up African HQ in Ghana

April 12, 2021
Nigerian Government Extends Deadline To Block SIMs Without Identification Number

‘I’ve Preached Against Evil For 15 years’: Nigeria’s Comms Minister Debunks Links to Boko Haram

April 12, 2021
Nigeria: Hours After Launch of Southeast  ‘Regional Police’, Gunmen Attack Ebonyi Community, Burn Houses

Nigeria: Hours After Launch of Southeast  ‘Regional Police’, Gunmen Attack Ebonyi Community, Burn Houses

April 12, 2021
en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
No Result
View All Result
Tuesday, April 13, 2021
Arise News
  • HOME
  • Breaking
  • Global
  • Regional
  • BUSINESS
  • Politics
    • US ELECTION
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates
Arise News
  • HOME
  • Breaking
  • Global
  • Regional
  • BUSINESS
  • Politics
    • US ELECTION
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates
No Result
View All Result
Arise News
No Result
View All Result
Home Business

OPEC Pledges Support for Access to Modern Energy Sources

70% of cartel's production now shipped to Asia, says Barkindo

December 8, 2020
Reading Time: 5min
0 0
0
OPEC Pledges Support for Access to Modern Energy Sources

Sanusi Barkindo

Share on FacebookShare on Twitter

The Organisation of Petroleum Exporting Countries (OPEC) on Monday pledged its support for the 1.1 billion people globally without access to modern energy sources and the 2.8 billion individuals who still cannot afford modern cooking systems worldwide.

Speaking at the fourth high-level meeting of the OPEC-China Energy Dialogue, which held via a video conference, the organisation’s Secretary-General, Dr. Sanusi Barkindo, said OPEC would continue to pursue affordable and reliable energy for all.

Barkindo was joined during the event by the Administrator of the National Energy Administration (NEA) of the People’s Republic of China, Zhang Jianhua, and the Permanent Representative and Ambassador Plenipotentiary and Extraordinary of the Permanent Mission of China to the United Nations and other International Organisations in Vienna, Wang Qun.

Barkindo added that the cartel recognises the important role the oil industry will play in ensuring the speedy distribution of the recently found Covid-19 vaccines since many of the medical supplies, surgical masks and respirators as well as other equipment essential in the fight against the pandemic come from petroleum-based products.

He said: “OPEC is unequivocal in its supports of the Sustainable Development Agenda, particularly SDG 7, which calls for access to affordable, reliable, sustainable and modern energy for all.

“We must never forget that 1.1 billion live in energy poverty and 2.8 billion people have no access to modern cooking systems. These issues were discussed at the 75th Session of the UN General Assembly and the First Annual SDG Moment, which was held on September 18, 2020.”

While recalling the crisis that engulfed the international oil market, particularly in April, he said the nadir of the challenge was on April 20, which he described as ‘Black Monday,’ when the WTI May contract went negative, ending the day at close to minus $40 per barrel.

He lamented that the Covid-19 pandemic has continued to wreak havoc globally, with more than 67 million people falling sick from the ailment, more than 1.5 million dead, followed by massive economic disruption, unemployment and threats to businesses.

Barkindo explained that the decisions, which were urgently taken by the OPEC members and allies, helped to rescue the market from collapsing and sought for the continued support of all stakeholders to weather the current storm in the global oil market.

He said: “To help counter the situation, OPEC and our DoC (Declaration of Cooperation) partners agreed at two extraordinary meetings on April 9 and 12 to new voluntary production adjustments, beginning with 9.7 mb/d, in May and June 2020, this was extended to July. Moreover, the tailored adjustments would also run two years until April 2022.

“These are the largest and longest in the history of OPEC and the oil industry. They were subsequently ‘tweaked’ at the 11th OPEC and non-OPEC ministerial meeting on 6 June, indicative of our flexibility and adaptability. We also agreed to a compensation mechanism for participating countries for underperformed volumes.

“Just last Thursday, December 3, 2020, at the 12th OPEC and Non-OPEC ministerial meeting, participating countries unanimously agreed to a further tweak of the DoC voluntary production adjustments.”

According to him, the OPEC-China Energy Dialogue, now in its 15th year, has intensified across a range of fronts, particularly on the technical level, affirming that the current global crisis requires a global response.

He thanked the Chinese President, Mr Xi Jinping, and noted that OPEC fully aligns with the Chinese leader’s thoughts on the required international response to Covid-19.

While acknowledging the important role China will play over the coming decades, he explained that OPEC has already forecast China’s economic growth at 2.0 per cent for 2020 and 6.9 per cent in 2021.

“The global economy is expected to more than double from 2019 to 2045. While China accounted for 19 per cent of global GDP in 2019, this amount is projected to reach a whopping 24 per cent by 2045.

“World oil demand is to rise from 99.7 mb/d in 2019 to 109.1 mb/d in 2045. Accordingly, China’s demand for oil is set to rise from 13.1 mb/d in 2019 to 17.1 mb/d in 2045, or by 4 mb/d.

“Your great country became the world’s biggest importer of crude oil in 2017, overtaking the US. In 2019, almost 70 per cent of OPEC crude exports went to the Asia Pacific region. A large portion of these exports goes to China.

“The percentage of oil in China’s fuel share in the energy mix is also expected to remain stable between 2019 and 2045, at 19 per cent. This means that although China has been making great leaps and bounds in the field of renewables, the need for oil will remain significant,” Barkindo stated.

Emmanuel Addeh

  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 Arise News - Part of the Arise Media Group.

No Result
View All Result
  • HOME
  • Breaking
  • Global
  • Regional
  • BUSINESS
  • Politics
    • US ELECTION
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates

© 2020 Arise News - Part of the Arise Media Group.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist