Organisation of Petroleum Exporting Countries, OPEC, has identified sentiment, speculation and rumours as major determinants of developments in the global oil market.
“A classic example of this is the persistent notion that oil is on the verge of demise. According to this belief, renewables are about to completely replace hydrocarbons and those who seek to discuss the nuances of this idea are downplaying the climate challenge.” Indeed, some of our member countries heavily invest in alternative sources of energy. For example, Saudi Arabia plans to generate some 59 gigawatts of electricity from solar and wind by 2030, and eventually produce upward of 200 GW from renewable sources.”
“Dialogue fosters transparency, which is another priority for our organisation. OPEC truly is an ‘open book.’ All our publications and data are available online, accessible via digital Apps to the general public free of charge.
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