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OPEC members meet in Vienna to help stabilise world oil prices

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By Karoly Szilagyi  with Philip Andrew Churm

Members of the oil producers group OPEC have met in Vienna to discuss future production of energy but reject pressure to invest less in fossil fuels

Delegates from the world’s leading oil-producing countries held a two-day meeting as part of the Organisation of the Petroleum Exporting Countries (OPEC) at Hofburg Palace in Vienna but without representation from the host country.

The eighth OPEC conference was titled ‘Towards a Sustainable and Inclusive Energy Transition’ and was set to examine the current global energy landscape, energy security and innovation.

Secretary General of OPEC, Haitham al Ghais, explained: “We must do everything we can to reduce emissions, not to reduce energy. 

“There is a misconception going around about reducing production and reducing investment in oil and gas, we do not agree with that message. 

“We believe that all sources of energy will be required in the future; renewables included. There is not one source of energy that can do it all alone.”

Chairman of the TDE Group Limited, Professor Gerhard Thonhauser, added: “We have to accept that transition takes time. So, I count on probably two industrial generations to spend two times 25 years to manage that transition. 

“So there would be a coexistence. The question is: how can we help each other to accelerate that transition.”

It comes as Saudi Arabia announced on Monday it was extending its oil production cut by one million barrels a day to boost flagging prices, while Russia announced that it would cut its exports by 500,000 barrels per day in August. 

These measures are the latest to be taken by major producers to stabilise prices in the face of high market volatility, lingering fallout from Russia’s invasion of Ukraine and China’s faltering economic recovery.

The two-day brainstorming meeting in Hofburg Palace was to find out where the industry should go from here. 

Production has been cut back several times in the past but not once has this led to a rise in prices. 

So, oil-producing countries now need new ideas.

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