OPEC and other producers to meet to decide on oil production

Officials from OPEC, Russia and other oil-producing countries will meet via video conference on Wednesday to decide how much oil to inje...

Officials from OPEC, Russia and other oil-producing countries will meet via video conference on Wednesday to decide how much oil to inject into the market as the pandemic continues to inject uncertainty into the market. Mondial economy.

The meeting will be the first after a harsh series of negotiation sessions in July which resulted in an agreement increase production by 400,000 barrels per day in each of the coming months, adding about 2% to supplies by the end of the year. The producers also settled a dispute over production caps with the United Arab Emirates.

The deal is subject to monthly review, but analysts say there appears to be little reason for the 23-member group, known as OPEC Plus, to deviate from the hard-won deal to the moment. However, Prince Abdulaziz bin Salman, the Saudi oil minister who chairs the meetings, has shown a penchant for surprises.

Oil prices have risen for much of this year as pandemic lockdowns eased and economies began a noisy expansion. Prices fell sharply after the July deal, raising concerns that the increase in production was too large, but recovered to around $ 73 a barrel for Brent crude. Closures in the Gulf of Mexico caused by Hurricane Ida as well as a large fire in a Mexican offshore installation have limited supplies.

Analysts say officials are increasingly concerned about the spread of the highly infectious variant of the Delta coronavirus and could slow production increases later in the year.

“We have a feeling the group is going to stick to the planned increase in quotas” this month, said Richard Bronze, head of geopolitics at Energy Aspects, a research firm. However, officials “will want to keep open the possibility of halting supply increases later in the year,” he added.

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Newsrust - US Top News: OPEC and other producers to meet to decide on oil production
OPEC and other producers to meet to decide on oil production
Newsrust - US Top News
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