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Oil Industry
OPEC Celebrates 64 Years of Shaping the Global Oil Industry
The Organization of the Petroleum Exporting Countries (OPEC) marked a significant milestone this September as it celebrated its 64th anniversary. For more than six decades, OPEC has played a crucial role in stabilizing the global oil market, fostering international cooperation, and championing the sovereignty of oil-producing nations over their natural resources.
September 19, 2024
OPEC Sees Oil and Electrification as an Inseparable Duo for the Future of Global Energy Supply
In the current debate about the future energy supply, electrification is often portrayed as the big opponent of oil. The increasing pressure to reduce CO2 emissions and make the energy supply more sustainable has led many to view the use of oil as obsolete. But Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), disagrees with this simplistic view and emphasizes the indispensable role that oil and its derivatives play in the global energy landscape.
August 20, 2024
OPEC+ Extends Production Cuts Until 2025
Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met in Riyadh on the sidelines of the 37th OPEC and Non-OPEC Ministerial Meeting (ONOMM). During the meeting, the participating countries decided to extend the existing production cuts until the end of 2025.
June 2, 2024
Supply Stop and Human Rights Allegations for OMV
OMV, Austria's leading energy company, is currently under immense pressure. Two developments could have a significant impact on the company and the Austrian energy market: the threat of Gazprom stopping gas supplies and serious allegations of involvement in war crimes against former OMV executives in Sudan.
May 22, 2024
Seventh OPEC-China Energy Talks in Vienna: Joint Focus on Sustainable Future and Energy Cooperation
The seventh high-level meeting of the OPEC-China Energy Dialogue took place in the Austrian capital. The meeting was hosted by the Secretariat of the Organization of the Petroleum Exporting Countries (OPEC), with key representatives from both sides discussing their visions and plans for the future of energy cooperation and sustainable development.
April 2, 2024
OMV's Borealis to Merge with Borouge in a 30 Billion Euro Deal
OMV's subsidiary Borealis is set to merge with the Abu Dhabi-based petrochemical company Borouge, creating a new global heavyweight in the chemical and plastic sector with an estimated value of 30 billion euros. This significant move marks a transformative step in the ongoing value creation and chemical growth strategy of both companies.
December 14, 2023
OPEC Secretary General Al Ghais Advocates for Increased Oil Production Amidst Global Energy Transition
In a recent op-ed and public statement, OPEC Secretary General, His Excellency Haitham Al Ghais, presented a compelling argument for the necessity of oil in today's world, even as global energy transitions are underway.
November 13, 2023
China and OPEC Cement Economic Ties for a Sustainable Energy Future
In a landmark progression for global energy relations, China and the Organization of the Petroleum Exporting Countries (OPEC) have significantly deepened their partnership, moving from a historical ideological alliance to a robust economic collaboration. This shift is set to have far-reaching implications for market stability and the sustainable development of the global energy sector.
November 9, 2023
OMV and Wood Sign Agreement to License Plastic Recycling Technology
In a move to promote the circular economy and reduce plastic waste, Vienna-based OMV and UK-based Wood have signed an exclusive cooperation agreement to commercially license OMV's ReOil technology. This agreement was reached at ADIPEC, the world's largest energy conference in Abu Dhabi, and is designed to drive progress in chemical plastic recycling.
October 3, 2023
OMV's Polyolefins Business Cooperation: Concerns Raised as Greens Question Borealis' Future
Austrian energy company OMV has decided to pursue negotiations with ADNOC, the state-owned oil company of the United Arab Emirates, on potential cooperation of their polyolefins business. This reinforces certain concerns of the critical voices on the OMV-ADNOC deal.
July 16, 2023
Selling of Turmoel Fuel Business to the Polish Group Orlen
The Austrian-based Doppler mineral oil group has sold its Turmöl fuel business to the partly state-owned Orlen mineral oil group from Poland, Orlen announced. As a result, the Turmöl service stations are switching to a large international group.
July 4, 2023
OMV Gives Final Investment Decision for Gas Project in Romania
OMV announced the final investment decision by OMV Petrom, the largest integrated energy company in Southeast Europe, for the Neptune Deep natural gas production development project.
June 22, 2023
OPEC and Non-OPEC Participating Countries Agree on Crude Oil Production Adjustments
In a bid to maintain stability in the oil market, OPEC and non-OPEC Participating Countries have announced key decisions during the 35th OPEC and non-OPEC Ministerial Meeting held in Vienna. The meeting emphasized the commitment to achieving a stable oil market and providing long-term guidance for the industry.
June 19, 2023
OPEC+ Surprisingly Cuts Oil Production
The OPEC+ alliance has announced a surprise cut in oil production. There will probably be a reduction of about one million barrels per day from May onward.
April 3, 2023
Austrian OMV Declares Exit from Russian Gas as "Extremely Difficult"
The CEO of the Austrian energy group OMV, Alfred Stern, currently sees hardly any possibility to get out of the Russian business with natural gas. He also sees no alternative to fossil fuels in the short term and talked about relations with Asia-Pacific.
March 28, 2023
Russia Bans Oil Export on Countries with Gas Price Cap
Russia has responded to the west’s decision to cap gas prices as a measure to brake the rising energy prices. This was an expected move as Russian President Vladimir Putin has criticized this cap numerous times.
December 27, 2022
Abu Dhabi-based ADNOC Acquires OMV Shares from Sovereign Wealth Fund Mubadala
There is a change in the ownership structure of the Austrian oil and gas group OMV. Long-time core shareholder Mubadala, Abu Dhabi's sovereign wealth fund, sells its 24.9 percent stake in OMV to Abu Dhabi National Oil Company (ADNOC), also a state-owned company. The state holding company ÖBAG announced that it had been informed of the change in ownership.
December 23, 2022
OPEC Plus Marks Sixth Anniversary
The Declaration of Cooperation (DoC) between OPEC member countries and 10 non-OPEC oil-producing countries turned six years old. As the oil cartel engaged in diplomatic celebrations, OPEC reaffirmed its expectations for global oil demand in 2023.
December 14, 2022
OPEC Plus Sticks to Production Strategy
The OPEC+ oil alliance is sticking to its current production strategy for the time being. EU sanctions against Russia's oil revenues will apply from tomorrow. The OPEC+ countries have nevertheless confirmed their previous oil production targets. However, an expert committee wants to review the production strategy every two months.
December 4, 2022
OPEC Plus Aims to Raise Oil Price
According to insiders, OPEC+ is planning to reduce the amount of oil produced in order to increase the price of oil. This decision is to be published in Vienna on 5 October. In addition, the main OPEC organisation is planning to hold the 8th OPEC International Seminar at the Hofburg in Vienna next year. This is one of the premier events in the energy industry calendar.
October 3, 2022
State of the EU 2022 Speech: Austria Wants to Usher in a Modern EU Future
The State of the EU address by Commission President Ursula von der Leyen addressed many acute issues, including the war in Ukraine and its international repercussions. Austria's Minister for Europe responded.
September 15, 2022
Real Wage Loss in Austria This Year Significantly Above EU Average
Austria will have to reckon with heavy losses in real wages in the future. This was the result of a recently published analysis, which predicted that Austria would occupy one of the weakest positions in the EU. Read on if you want to know how much money will be left over from your income in the future.
August 10, 2022
OPEC Welcomes New Secretary General Haitham Al-Ghais
Haitham Al-Ghais of Kuwait has taken over the position of Secretary General of the Organization of Petroleum Exporting Countries (OPEC). He replaces Mohammed Barkindo, who died unexpectedly in July.
August 1, 2022
Austria's and Hungary's Foreign Ministers in Talks: "Western Balkan Enlargement is the Best Geopolitical Tool We Have"
During a recent visit to Vienna, the Hungarian Foreign Minister Péter Szijjártó met with the Austrian Foreign Minister Alexander Schallenberg. Apart from bilateral issues, the meeting focused on the Russian aggression in Ukraine and its effects on Central European neighbors and Western Balkans. The two foreign ministers also discussed European energy security.
July 15, 2022
Austrian National Bank Expects Highest Inflation Rate in 50 Years
In a recent analysis, the Austrian National Bank expects inflation in Austria to settle at 7.6% in 2022. This particularly high value represents the highest inflation since the crude oil crisis in the 1970s. Inflation is also expected to remain above the target of 1.9% in the coming years.
July 11, 2022
OPEC Secretary General, Mohammad Barkindo Passed Away Unexpectedly
Last night, OPEC Secretary General Mohammed Sanusi Barkindo passed away unexpectedly at the age of 63. His Excellency Mohammed Sanusi Barkindo of Nigeria had been Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) for the past six years and was due to hand over to Haitham Al-Ghais of Kuwait in early August.
July 6, 2022
Why Germany and Austria Are More Dependent on China for Strategic Raw Materials than on Russian Gas
China has established global dominance over many of the strategic raw materials needed to be competitive in the economy of the future. Read how Austria, Germany, and others have arguably become more dependent on these materials from China than on Russian gas.
July 5, 2022
OPEC Releases Annual Flagship Publication in Vienna
This week, the Organisation of Petroleum Exporting Countries (OPEC) presented its Annual Statistical Bulletin (ASB) 2022. This report, which presents a large number of statistics and data on oil market developments in recent years, is the organisation's most important publication alongside the World Oil Outlook.
June 28, 2022
EU Oil Embargo: Little Impact on Austria's Economy Expected
The planned EU embargo on Russian oil in response to the war of aggression in Ukraine will have far-reaching consequences for Europe. This is also the case for Austria. In a report, the Austrian National Bank examines the impact on the Austrian economy and forecasts comparatively mild effects. Nevertheless, the embargo conceals a number of risks that could also have a serious impact on Austria.
June 8, 2022
OPEC Considers Possible Exclusion of Russia From Oil Production Agreement
OPEC countries are apparently considering the exclusion of non-OPEC member Russia from the concluded oil production agreement. According to a report in the Wall Street Journal, which cites statements from insider circles, other OPEC countries could step in to meet production targets following Russia's exclusion.
June 1, 2022
OPEC Holds Special Workshop on Climate Change: "Challenges and Opportunities for Energy-Exporting Developing Countries.”
The Vienna-based Organization of Petroleum Exporting Countries (OPEC) recently hosted the fifth Climate Change Technical Workshop under the theme "The first global stocktake under the Paris Agreement: challenges and opportunities for energy-exporting developing countries." OPEC hosted the event ahead of the 21st OPEC Climate Change Coordination Meeting, which will be held on May 31, 2022.
May 30, 2022
Austrian Exit From Russian Gas Possible: "Major Effort Necessary"
The exit from oil and gas supplies from Russia, which has been much called for at both national and international level, has been occupying the EU and also the Austrian government for weeks. Now the Austrian Energy Minister has presented a plan on how this planned phase-out can be achieved by 2027 and what concrete measures need to be taken to achieve it.
May 19, 2022
Russian Gas Supplies: Wien Energie Invests One Billion Euros in Gas Exit
Austria's largest energy company, Wien Energie, is taking a big step towards independence from Russian gas supplies. The company is investing a sum of one billion euros in the expansion of renewable energies and thus wants to end the purchase of fossil fuels step by step in the next 5 years.
May 2, 2022
Due to the Ukraine War: Austrian National Bank Still Expects Huge Inflation in 2022
Shortages of raw materials and high energy prices, triggered by the Russian war of aggression in Ukraine, have led to an increased inflation rate of 5.6% in Austria. After the highest measured inflation rate in March 2022 since joining the monetary union, there is no easing now; this is not expected until 2023.
April 11, 2022
NATO and EU Military Committee Meet Regarding Western Balkans
A joint meeting of the NATO Military Committee and the European Union Military Committee was held to discuss the current security situation in the Western Balkans as well as the EU's ongoing Operation Althea. In the context of the Russian military aggression on Ukraine, stability in the Balkans increases in importance.
March 29, 2022
Austria Kicks Off Detachment Process from 80 Percent Dependence on Russian Gas
In order to no longer be dependent on Russian gas imports, the Austrian federal government decided on a new stockpiling of natural gas. This is to provide for the case of an import stop from Russia. Despite the high level of approval, the proposal has nevertheless come in for criticism.
March 25, 2022
Putin's Aggression Against Ukraine as a Trigger for the Flare-up of the Austrian Neutrality Debate
Russia's fabricated pretext for war, Russian use of disinformation to distract and deflect responsibility and eventually Russia's invasion of Ukraine could become the turning point for Austria's security policy. Parliamentary groups discussed Austria's position in the field of tension between neutrality, NATO accession and the EU army.
March 23, 2022
Putin's War Forces OMV to Make Most Fundamental Strategic Shift in Its History
Russia's aggression toward Ukraine is forcing OMV, the Austrian oil, gas and petrochemical group to take drastic measures. The company's management decided to stop all investment activities in Russia and to rely on alternative suppliers in the future. OMV thus joins many other companies that are slowly turning their backs on the Russian market.
March 17, 2022
How Gazprom Helps the Kremlin to Manipulate Austria
The Russian government uses the majority state-owned energy corporation Gazprom to exploit Europe's dependency on Russian natural gas, and Austria is no exception. Read how the Kremlin uses Gazprom to influence Austria.
March 8, 2022
Putin's People in Austria and Beyond
Following Putin's invasion of eastern Ukraine with the aim of regaining former Soviet territory, two former European prime ministers from Italy and Finland have already resigned from the supervisory boards of two Russian companies. However, some Austrian and German politicians see no reason to resign their mandates. In the following some explanations why.
February 25, 2022 · Updated: February 25, 2022; 11:23
Opec and Non-OPEC Members Agree Further Gradual Increase in Oil Production
At the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), the oil-producing countries decided upon a gradual increase in oil production for March. Read about this and the other decisions made at the meeting.
February 2, 2022
OPEC: Kuwaiti Al-Ghais Succeeds Nigerian Barkindo as Secretary General
Mr. Haitham Al-Ghais of Kuwait was recently appointed as the next Secretary General of the Organization of the Petroleum Exporting Countries (OPEC). Read more about Mr. Al-Ghais, as well as the accomplishments of his predecessor Mohammad Sanusi Barkindo.
January 10, 2022
OPEC's World Oil Outlook 2021 Launched in Vienna
OPEC's flagship annual publication, the World Oil Outlook 2021, was launched via videoconference in Vienna. OPEC forecasts 6% increase in global oil demand in 2021. Learn about the specific highlights of this year's World Oil Outlook.
September 29, 2021
Alfred Stern Takes Over from Rainer Seele as CEO of OMV
Effective September 1, 2021, Alfred Stern will assume the position as Chairman of the Executive Board and CEO of OMV, the Austrian oil and gas group.
August 31, 2021
Austrian Wholesale Prices: Largest Increase Since March 2011
In July 2021, wholesale prices saw their largest year-over-year increase since March 2011. The increases can be seen in the steel industry, gas industry, agricultural industry, and more. Read about which other industries the increases are affecting and just how significant the increases are.
August 6, 2021
Pioneering Hydrogen Alliance between the United Arab Emirates and Austria
On the occasion of the visit of the Ruler and Crown Prince of the Emirate of Abu Dhabi, Sheikh Mohamed bin Zayed bin Sultan Al Nahyan to Austria, the United Arab Emirates (UAE) and Austria agreed on a strategic partnership. The core of the agreement is closer international cooperation in the fields of hydrogen, renewable energy, youth exchange, green technologies, digital economy and research, according to the UAE Embassy in Vienna and Chancellor Kurz.
August 1, 2021
New CEO for OMV: "Beginning of a Major Transformation"
The Austrian multinational company OMV has appointed a new CEO. After the current and parting CEO Rainer Seele has been facing heavy public criticism, OMV will now try to rebuild its image.
June 2, 2021
Austrian Multinational Company Loses Current CEO
The Austrian multinational corporation OMV has announced that its current CEO, Rainer Seele, will end his term in June 2022. Only recently, criticism against OMV and Seele have increased. Find out more about how his end at OMV and the criticism relate.
May 3, 2021
Vienna-based OPEC Launches Newest Edition of World Oil Outlook
The 2020 OPEC World Oil Outlook (WOO) has been launched in Vienna providing, among other topics, the OPEC Secretariat’s in-depth look at the unprecedented scale and impact of the Covid-19 pandemic on the global energy and oil markets.
October 8, 2020
Voestalpine: Short-time Work in 50 European Subsidiaries
The biggest economic challenge of the past decade represented by the coronavirus pandemic has hit the Austrian technology group Voestalpine hard. Short-time work in Austria and other European countries such as Germany, Belgium and France is unavoidable due to the slump in demand.
March 24, 2020
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