Within the past month or so, Ecuador, Angola and Sudan have all signaled their interest in joining OPEC. But would they substantially boost the cartel's power in world energy markets? The combined production of these potential members equates to about 8% of OPEC's total output as of October 2006, or about 3% of global production, says J. Marshall Adkins, director of energy equity research for Raymond James & Associates in Houston. "Put another way, the three countries bring 2.44 million barrels per day of new oil output under OPEC's sphere of influence-a volume roughly equal to the daily production of Kuwait." In terms of oil reserves, the tally of what Ecuador, Angola and Sudan bring to the OPEC table is even less than their production. All in, the proved reserves of the three countries amount to 20.5 billion barrels, or only 2.3% of the cartel's current proved oil inventory. For more on this, see the January issue of Oil and Gas Investor. For a subscription, call 713-260-6441.
Recommended Reading
Segrist: Cooling the Reaction: Nuclear Makes Promising but Slow Comeback
2024-12-16 - Nuclear power is awesome. Nuclear power is also hard—and a long way off from displacing natural gas as the primary source for the electricity the U.S. will desperately need.
Aalo Atomics Advancing Microreactor Tech for US Energy Needs
2025-01-08 - Aalo Atomics intends to build an experimental microreactor facility at the Idaho National Laboratory.
Energy Transition in Motion (Week of Jan. 25, 2025)
2025-01-24 - Here is a look at some of this week’s renewable energy news, including a bright outlook for solar power capacity additions in the U.S.
US Hydrogen Concerns Linger as Next Administration Nears White House
2024-12-11 - BP, EDP Renewables, Inpex and Plug Power executives discuss the state of hydrogen and the hydrogen production tax credit.
Treasury’s New Hydrogen Tax Credit Regs Open Door to NatGas Producers
2025-01-05 - The U.S. Treasury Department’s long awaited 45V hydrogen tax credit will enable “pathways for hydrogen produced using both electricity and methane” as well as nuclear, the department said Jan. 3.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.