As the United State President, Joe Biden plans to pressurize the Organization of Petroleum Exporting Countries (OPEC) and its associates to increase their production, the price of Brent crude oil yesterday dipped by $0.80 to $69.83 per barrel, representing 1.13 per cent decline at 15:09 hour.
The US believes that competitive energy would guarantee reliable and stable energy supply.
In a statement, U.S. National Security Advisor Jake Sullivan said: ”We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices . Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”
The OPEC Secretary-General, Mohammad Sanusi Barkindo had on July 28, 2021 told the 14th Nigerian Association for Energy Economics Annual International Conference in Abuja that oil would remain the largest contributor in energy mix till 2045.
Energy transition has been on the front burner in the industry with countries and companies instructing their operators to suspend investments in oil industry. The receding investment has followed the climate change and its resultant 2050 zero carbon measures.