The OPEC+ group left their target production level unchanged amid many uncertainties in the oil market, OPEC didn’t make material changes in its estimates of global oil demand growth, while the biggest oil and gas firms in the Middle East made major announcements and signed landmark deals in December.
OPEC published its annual report with estimates of global energy demand through 2045 and it cut again its demand growth outlook for this year and next, while the largest state oil and gas firms in the Middle East signed major contracts to expand their production and processing capabilities.
The OPEC+ group’s decision to slightly raise production targets in September, the record-smashing profit of the world’s largest oil company, Saudi Aramco, and business deals involving the biggest energy firms in the Middle East were the highlights in the region’s oil and gas industry this past month.
The supply management policies of the OPEC+ production group, US President Joe Biden’s first visit to the Middle East, and the spare capacity left at major oil producers were the focus of the past month in the Middle East’s oil and gas sector.