19 Sep 2019 In an interview published September 17 in the Financial Times, Microsoft co-founder and philanthropist Bill Gates says that abandoning fossil fuels is not the answer to climate change. Instead, he refers to what he sees as the most effective methods of reducing CO2 emissions, which he sees as disruptive technologies and advanced private sector energy companies. OPEC, Russia and other allies, known as OPEC, have agreed to cut supply by 1.2 million bpd in 2019. Opec`s share of the reduction was about 800,000 bpd, which was to be paid by 11 members, with the exception of Iran, Libya and Venezuela. An official announcement of the decision will come on Friday, but the outlines of an agreement have been communicated to analysts who attended the conference. OPEC`s two main producers, Saudi Arabia and Iraq, have cut production by 50,000 bpd each. As a result, Saudi procurement is more than 500,000 bpd below its 2019 target. Respect for Iraq (59%) is well below that of Saudi Arabia, but it increased by 23% in November. 01 Dec 2019 Nigeria has committed to fully implementing the non-OPEC country and ten non-OPEC countries, also known as OPEC Plus or Declaration of Cooperation (DoC). The December survey suggests that Nigeria and Iraq, both lagging behind in budget cuts in 2019, have made progress.

Compliance increased in December to 158%, according to the survey, by 153% in November. Details of the agreement and the distribution of cuts between producers are due to be ratified on Friday at a meeting of OPEC and non-OPEC countries in Vienna. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said OPEC could not say it had an agreement until it met with non-OPEC producers on Friday. 29 Nov 2019 A message of goodwill to the Forum of Gas Exporting Countries at the 5th GECF Gas Summit, 29 November 2019, Malabo, Equatorial Guinea. OPEC currently produces 29.7 million barrels per day (about 30 percent of world production), 2.6 million barrels less per day than a year ago. Just under half of the reduction comes from opec agreements, with the rest coming from Venezuela and Iran. Nevertheless, in November, the EIS revised its U.S. crude oil production forecast to 30,000 B/D in 2019 and 119,000 B/D in 2020 from its October forecast.