OPEC members need to stop bickering over output curbs or risk the group becoming irrelevant to global oil markets, according to an analyst who predicted the biggest price crash in a generation.
It's in the interest of all producers to reach a deal that's aimed at stabilizing prices, which are 61 percent lower than their 2014-highs, said Gary Ross, executive chairman at PIRA Energy Group, which is now a part of S&P Global Platts. A failure to implement an agreement could drag down crude to as low as USD 35 a barrel, while success at the group's meeting later this month may push oil to USD 60, almost 35 percent higher than current levels, he said.
Already a subscriber? Log in.
Read the whole article
Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.
Start a free company trial todayMore from EnergyWatch
H2 Energy calls for political courage, high carbon levy
Swiss firm H2 Energy, set to establish a 1GW hydrogen facility in Denmark, sees the transformation of heavy transport as a low-hanging fruit and calls for political courage to secure offtakers.
WindEurope warns against negative auction bids
If more countries introduce negative bids, where firms pay to establish wind projects, it could lead to higher electricity bills or more pressure on the supply chain, says the industry association.
BW Offshore halved bottom line in Q1
The Norwegian firm reports decline in several items compared to the same quarter of 2021 but predicts fine advancement in the rest of 2022, for which both floating wind projects and high energy prices show promise.
Equinor exits Russia
Norwegian oil company Equinor has taken its final step out of the Russian market by transferring joint venture assets to Rosneft.
Better Energy enters 1GW Finnish collaboration
Solar panel developer Forus is teaming up with Better Energy on the sustainable development of solar farms in Finland.
Experienced Contract Manager for one of the world's most important green projects 
Compliance Officer with an interest in sustainability 
Strategic project manager for the green transition 
Senior Risk Analyst 
Economists who are passionate about advocacy and industrial economics 
Senior Logistics Site Manager 
Senior Expertise Director, Green fuels and PtX 
Commercially Oriented Senior Product Manager 
We are looking for project managers who will help shape the green transition and develop the business area "Sustainable Energy" 
Project manager for Denmark's best internet 
Junior Analyst for Power Solutions 
Team Manager 
Project Manager, Offshore Wind