Guyana is resisting overtures to join OPEC, the WSJ reported, preferring to pump oil while it can. Cartels are hard to maintain at the best of times. But when future demand is finite, there’s even less incentive to cooperate, writes rob_cyran
View of cityscape near the Demarara River, in Georgetown, Guyana, May 20, 2022. REUTERS/Gram Slattery
Guyana’s economic fortunes are heavily linked to the oil price. Its GDP grew 62% last year thanks to booming production. A consortium led by Exxon Mobil It’s not the only one thinking this way. Non-OPEC oil nations, such as the United States, Brazil and Canada, are. Even OPEC+ members aren’t united in their desire to prioritize price over production. Some of the recent agreement to limit output comes from the likes of Nigeria, which can’t fill its quota. The United Arab Emirates got a blessing to pump more.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | OPEC Woos Guyana, Tiny Nation That Sits Atop Massive Oil FieldOPEC is courting Guyana to join the cartel, seeking to extend its influence into a small South American country that has become the world’s fastest-growing oil producer
Read more »
OPEC sees global oil demand rising to 110 mln bpd by 2045OPEC expects global oil demand to rise to 110 million barrels per day (bpd) and overall energy demand to rise 23% by 2045, its Secretary General Haitham Al Ghais said on Monday.
Read more »
OPEC says oil demand will hit 110 million barrels per day in 2045Global oil demand will rise to 110 million barrels a day in two decades, bringing the world's energy demand up 23%, said OPEC.
Read more »
Oil demand set to jump 23% to 110 million barrels a day by 2045: OPECOil is here to stay with global demand set to jump 23% to 110 million barrels a day by 2045, OPEC says
Read more »
VIDEO: Mexican Cartel Threatens to Kill Sex Workers Who Won’t Pay ProtectionOne of Mexico’s most violent cartels sparked a new controversy by threatening to kill all escorts and other sex workers who don’t pay protection to them.
Read more »
NYC officially declares Diwali a public school holiday, students will have day off starting in fall'Today we say to over 600,000 Hindu, Sikh, Buddhist, and Jain Americans, we see you,' Rajkumar said. 'Today we say to families from India, Guyana, Trinidad, Nepal, and Bangladesh, we recognize you.'
Read more »