Oil & Gas

The latest OAPEC monthly bulletin, published by the Organization of Arab Petroleum Exporting Countries, provides a comprehensive review of recent global oil market trends and their implications for Arab nations. The July-August issue (7-8) highlights the 50th edition of the Secretary-General’s annual report, which offers an overview of key developments in the energy sector, focusing particularly on oil and gas industries.

The bulletin details OAPEC's recent seminar, "Pathways to Reduce Carbon Emissions in the Petroleum Downstream Industries," held in Riyadh with the Saudi Ministry of Energy. This event aligns with OAPEC’s dedication to international and regional initiatives aimed at carbon reduction and climate change mitigation. The seminar featured 24 technical papers and discussions on strategies for reducing emissions, advancing sustainable fuels, and improving energy efficiency.

Significant updates from the oil and gas sectors of Arab countries are also covered. Highlights include Kuwait's "Partners in Rationalization and Saving" campaign for electricity conservation, a major oil discovery by the Kuwait Oil Company in the offshore Nukhda field, and Iraq's drilling projects which saw 105 wells completed in the first half of the year. Additionally, the bulletin notes agreements by TA'ziz with various companies and Qatar’s energy deal with Japan’s Ineos.

In terms of market trends, the bulletin reports that OPEC's crude basket price averaged $85.22 per barrel in July 2024, up 2.4% from June. The annual average price for 2024 is expected to rise to $83.80 per barrel, a 1% increase from 2023. In June 2024, the price decreased slightly due to volatility in the futures market. OPEC's forecasts for the second quarter of 2024 project a rise in demand to 103.8 million barrels per day, with expectations for further growth in the third quarter.