During the 62nd Meeting of the Joint Ministerial Monitoring Committee of OPEC and OPEC+, the Venezuelan government, through Executive Vice President and Minister of Hydrocarbons Delcy Rodríguez, reaffirmed its commitment to global market stability.

In the videoconference session, “the authorities reviewed production data for July and August 2025, as well as compliance with the adjustments agreed upon at the thirty-eighth ministerial meeting of OPEC and the partner countries in the cooperation mechanism.”

The Venezuelan official emphasized that the country “maintains its commitment to defending a fair and equitable market, even in the face of trade tensions, geopolitical challenges, and unilateral sanctions.”

She also stressed that the goal is “to guarantee an energy system that responds to both current needs and the transition to new sources” in a global scenario marked by economic volatility.

M.Pino

Source: xinhuanet

(Reference image source: Marko Lehikoinen on Unsplash)

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The price of Brent oil, the benchmark for Europe, surpassed the threshold of $ 85 per barrel on Friday for the first time since 2018, fueling pressures on energy prices and inflation.

However, after the opening of the markets of the Old Continent, the price of a barrel of Brent crude eased slightly to 84.66 dollars, 0.80 % above the level at the close of Thursday.

In the case of West Texas Intermediate (WTI) crude, a benchmark for the United States, a barrel was trading at $ 82.30, reaching highs since October 2014, although later it partially yielded and was trading at $ 81.98.

The rise in energy prices, coupled with supply bottlenecks, has caused a strong rebound in inflation, which in the case of the US pushed industrial producer prices by 8.6 % in September compared to the same month of 2020, which represents the highest year-on-year rise in wholesale inflation since annual data began to be collected in 2010.

The strong increase in producer prices is added to the sharp rise in consumer inflation, which in September reached 5.4 %, one tenth above the previous month’s reading and thus repeating the highest since 2008, as was the case in the months of June and July.

Inflationary pressures have also been noted in China, where inflation in the wholesale sector reached 10.7 % year-on-year, after rising 9.5 % the previous month, representing the largest increase in wholesale inflation in the entire historical series, dating back to 1995, as reported by the National Statistical Office (ONE).

Source: dpa

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Oil price continues to climb to maximum levels since the beginning of January 2020, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +.

In this way, the price of a barrel of Brent oil, the benchmark for Europe, rose 2 % compared to the close of Thursday and reached 68.13 dollars, the highest price since January 8, 2020, before the Covid-19 pandemic. Meanwhile, the West Texas Intermediate (WTI) barrel, the reference for the United States, rose 1.9 % and exceeded the level of 65 dollars for the first time since the beginning of January 2020.

The OPEC + countries agreed this week to extend their production cuts until April, with the exception of Russia and Kazakhstan, which have been allowed to increase their pumping level, the organization reported.

In January, the cartel agreed that the cut for February would be 7.125 million per day, while for March it would be 7.05 million per day. Likewise, Saudi Arabia will maintain, for the time being, its voluntary and additional reduction of one million barrels per day.

The oil ministers of the OPEC member countries have also decided to extend until July 2021 the maximum period for countries to compensate for the excess production they have incurred in recent months.

The next meeting of OPEC and its allies will take place on April 1st, as planned, to decide whether to raise, maintain or cut crude production again.

K. Tovar

Source: dpa

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