In October, the thirteen member countries of OPEC increased their oil production to 27.9 million barrels per day, registering an increase of 0.3% compared to September, according to the organization’s monthly report published today.

The report highlights that Angola, Iran and Nigeria were the main drivers of the increase in OPEC production during October. Despite some reductions by other members, such as Saudi Arabia, Kuwait, Libya and Venezuela, the overall increases did not exceed limits set in previous agreements by OPEC and its allies, including Russia.

Iran, exempt from supply cut commitments, continued to increase its production, reaching 3.1 million barrels per day in October. Despite US sanctions on Iran’s oil exports, its output increased by 30% compared to 2021, reaching levels not seen in years.

The report also projects global oil supply, forecasting that production from non-OPEC countries will reach between 67.59 and 68.88 million barrels per day in 2023 and 2024, respectively.

K. Tovar

Source: Bancaynegocios

(Referential image source: Aleksey Malinovsky, Unsplash)

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The world is facing an increase in inflation as a result of the different monetary expansion programs promoted in 2021 to challenge the global recession caused by the Covid-19 pandemic, which is reflected, according to information from FocusEconomics, particularly in African countries .

It is estimated that by 2022 inflation will increase and in countries such as Angola and Nigeria, projecting a variation in the price index of 19.8% and 13.5% respectively, according to the projections made by some economic analysts and banks. central.

For the Asian continent, the countries that are forecast with the highest inflation rate for 2022 are Pakistan, with 7.3% and Kazakhstan, with a 7% increase in the prices of their products and services.

Other important global economies that attract attention due to the increase in their prices are: Russia, which has a particularly high inflation forecast of 5.4%. While for China a moderate behavior of 2.2% is expected, and the United States reflects a projection of 3.6%, worrisome figures for their respective government representatives who will surely have to apply measures to control the increase in prices.

For its part, the European Central Bank (ECB) also estimates a rebound in the prices of goods and services in the Euro zone for 2022 equivalent to 3.2%. While the so-called core inflation, which includes the prices of energy and fresh food, is projected at 1.9%, which is equivalent to an increase of five tenths compared to that of 2021.

Inflation in South America

In the Latin American context, the Forecasters of FocusEconomics highlight that Venezuela is located with the highest inflation in the world, projecting at 730% for 2022.

The second place is Argentina with a variation of 48.4% in its prices, followed by Brazil with a 4.9% increase in its inflation. It is followed by Chile with a projection of its inflationary index equivalent to 4.2%, while Colombia is in fifth place with an estimate at the end of 2022 of 3.6%.

It is important to note that the forecast for Brazil for next year is quite accelerated since it exceeds the continental average.

M. Rodríguez

With information from specialized media in Economics

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