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Yesterday, the 180th OPEC Conference & 12th OPEC and Non-OPEC Ministerial Meeting took place, and OPEC has agreed to gradually increase output during 2021.

With the pandemic having an effect on demand and the world turning towards carbon neutrality by 2050, there will need to be a dramatic reduction in the use of fossil fuels. OPEC is aware of this and has revised its oil demand forecasts downwards although it still remains confident in the market ahead.

You can read the full recap of the day's events, written by John Hall, by clicking on the link below.

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Matt Chester's picture
Matt Chester on Dec 4, 2020

With the pandemic having an effect on demand and the world turning towards carbon neutrality by 2050, there will need to be a dramatic reduction in the use of fossil fuels. OPEC is aware of this and has revised its oil demand forecasts downwards although it still remains confident in the market ahead.

A delicate balance to strike-- I don't envy those making these decisions at OPEC today

Olufola  Wusu's picture
Olufola Wusu on Dec 4, 2020

Thank you for this fine point Matt!

I suppose Qatar was trying to strike this delicate balance, when Qatar left OPEC on 1 January 2019, ostensibly to focus on natural gas production. 

As it stands Qatar, via "QatarGas" seems to be the world's largest exporter of liquified natural gas (LNG) at 77 Metric Tons Per Annum(MTPA) of LNG. Impressive performance by one company, the clear market leader of the LNG industry! 

You can compare QatarGas capacity with that of Nigeria LNG Limited, Nigeria LNG Limited has 22MTPA LNG capacity. 

Meanwhile, I believe Australia's LNG exports may have surrpassed that of Qatar at some point in time though.

Matt Chester's picture
Matt Chester on Dec 4, 2020

I knew Australia was a key exporter, I didnt' realize it had surpassed Qatar though-- wow

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