The ministers of the Organization of Petroleum Exporting Countries (OPEC) and the representatives of the allied producers, led by Russia, who together form the so-called OPEC +, have agreed to go ahead with the gradual increase in the supply of crude oil by 400,000 barrels per day to February 2022, as contemplated in the roadmap agreed in July 2021.

In their virtual meeting this week, the representatives ratified the agreements for the rebalancing of the oil markets discussed in July, when they set a monthly rate of increase of 400,000 barrels until eliminating the adjustment of 5.8 million barrels per day implemented in response to the crisis caused by the coronavirus pandemic.

After a meeting by videoconference, the ministers decided to “reconfirm the production adjustment plan and the monthly adjustment mechanism approved at the XIX OPEC and non-OPEC Ministerial Meeting and the decision to adjust up the general monthly production by 0.4 million euros barrels per day for the month February 2022 “.

After the OPEC + decision was known, the price of a barrel of Brent crude, a reference for Europe, exceeded the threshold of 80 dollars, after closing on Monday at 78.98 dollars, while WTI crude, a reference for States United, it was trading above $ 77, down from $ 76.08 on Monday.

K. Tovar

Source: LaRepublica

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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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