OPEC+ may today decide to substantially reduce its production (to 100,000 barrels per day, according to some media), which is already limited due to the technical difficulties most of its members have when it comes to complying with the limit. . assigned national pumps.
Euskaraz irakurri: LPEEk eta Errusiak gaur erabakiko dute urriko petrolio ekoizpen eta eskaintza
The oil ministers of the OPEC+, decide today, in their monthly telematics conference, how many barrels of crude oil they will deliver to the market next month. OPEC+ includes the 13 countries of the OPEC (Organization of Petroleum Exporting Countries), led by Saudi Arabia, in addition to 10 other export powers, including Russia.
Preceded by an internal committee, the virtual meeting is convened amid mounting tensions sparked by the Russian invasion of Ukraine on the energy markets. Especially difficult is the situation faced Europe on the eve of an uncertain winter in terms of its gas supply, especially after Moscow doubled its pulse with the European Union (EU) by indefinitely suspending supply through the Nord Stream 1 gas pipeline due to a technical breakdown.
The measure has been announced by the state-owned company Gazprom on Friday, hours after the G7 powers reiterated their commitment to cap the price of Russian oil, and European Commission President Ursula von der Leyen suggested doing the same for Russian gas.
The price of oil, which had fallen more than 20% from the $120 highs it reached in June, returned to its upward path on Friday, rising 2.3% this morning on the possibility that OPEC+’s 23 countries will decide. to lower their offer.
The upward trend in crude oil was thus imposed on the downward pressure that creates both the possibility of Iran selling more crude oil if the agreement on its nuclear program is reactivated, as well as the brake on the global economy, and thus on the demand for oil. causing high inflation and covid in China.
Nevertheless, among analysts, the skepticism on the possibility that OPEC+ today decides to substantially reduce its production (to 100,000 barrels per day, according to some media), which is already limited due to the technical difficulties most of its members have in meeting the allocated national pumping limit.
According to several sources, their combined production has been nearly 3 million barrels per day below their production targets for the past two months.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
