'OPEC does not need to make up for Russia oil output cut’

Houston -- There is no need for the Organization of the Petroleum Exporting Countries, OPEC, to increase oil output to make up for Russia's 500,000 barrel per day cut, Angola's secretary of state for oil and gas told Reuters.

"We believe the Russian oil is still there," Angola's Jose Barroso said on the sidelines of an energy conference in Houston. "They find a way, they find new markets... There is a balance in the market."

Russia said it would cut 500,000 bpd of supply from March. The Group of Seven countries, the European Union and Australia implemented the price cap on seaborne cargoes of Russian oil on Dec. 5, setting it at $60 a barrel.

Russian oil has found buyers in countries such as China and India that have not imposed sanctions.

If China is importing more oil from Russia, then perhaps it is importing less from other countries, Barroso said.

"We believe for the time being there is no need for the OPEC member countries to increase their production," he added.

Barroso could not say whether Angola was losing market share in

China to Russia, adding he lacks data on that. Energy demand in China is rising as Beijing loosens coronavirus restrictions.

News wire — Germany will build new gas-fired power plants to be operated with hydrogen as Europe’s biggest economy looks to boost its climate-friendly energy sources.

German Chancellor Olaf Scholz revealed the plan in a speech to the VKU local utilities association.

“We are not losing sight of the goal of decarbonization: in order to stabilise supply, we will build new gas-fired power plants which can be operated with hydrogen in the future,” he told the association.

In a prepared text of the speech, he said the capacity of the new plants would be 17-21 gigawatts.

In a related development, the

Artistic impression of a Gas-fired power plants