The ministers of the oil sector of the 23 countries that make up OPEC+ (OPEC and allies) decided to increase their oil production to 400,000 barrels per day during the month of February, despite the uncertainty that the world is experiencing as a result of the pandemic and the new omicron variant.

This increase is part of the plan established in 2021, when the organization established a monthly increase of 400,000 bpd from last August to September 2022, after evaluating the behavior of the sector. But to date the group has maintained the strategy, which is why as of February 1st, crude oil extractions will be located at 40,894 million mbd.

A representative of the group pointed out: “It has been decided to maintain the current strategy”, after the virtual meeting where the ministers of the different countries that make up the group participated.

OPEC+ continues to recover its production

The conclusions of the meeting of the OPEC + group did not bring surprises for the global oil market. In the group’s final statement, released to the media, they state: “In view of the current fundamentals of the oil market and the consensus on its prospects, the ministers certified the decision to adjust monthly global production upwards by 0.4 million barrels per day (mbd) in the month of February 2022.”

OPEC will supply the market with some 24,808 mbd. This figure does not include pumping from Venezuela, Iran and Libya. While 16,086 mbd will be contributed by the group of the ten allied independent producers, with Saudi Arabia, on behalf of OPEC, and Russia, a non-member, the largest producers and exporters of the group, standing at 10,227 mbd.

M. Rodriguez

Source: swissinfo.ch

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A few days before the third monetary reconversion in Venezuela, the economist José Ricardo Salazar points out that the single advantage that this new change brings is the simplification of transactions. He assures that payment processes will be facilitated because it will not be necessary to include the number of zeros “that the machines no longer support, and that will make operations faster.“

Salazar argues that this process must be accompanied by a “robust economic recovery plan because otherwise Venezuela will not get out of the situation it is in.” Reconversion by itself and in isolation will not “yield positive results for the country,” he said.

He emphasizes that the loss of the value of the currency is currently very accelerated, which complicates and exacerbates the reconversion that will take effect on October 1st. The economist recalled that the first conversion process was in 2008 and ten years later the second was carried out.

However, just three years from later the government has to apply the elimination of zeros to the currency again. “It may not last even two years due to the loss of value of the currency” that is occurring in the country.

For Salazar there is no kind of expectation because the country has “two serious problems. First, the fall in gross domestic product for 25 consecutive quarters and hyperinflation. That is not going to be solved with the makeup they are trying to do by taking 6 zeros out of the coin,” he pointed out.

M. Rodríguez

Source: primicia.com.ve

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The G7 representatives agreed, during the summit in the United Kingdom, to launch the initiative called rebuilding “better for the world in order” to respond to the enormous infrastructure needs of the middle and low-income nations of Latin America, the Caribbean, Africa and the Indo-Pacific.

The information was provided through a statement issued by the White House where they reported that the decision seeks to mobilize capital from the private sector to promote projects in four areas: climate, health security, digital technology and gender equality, in addition to have investments from financial institutions.

The plan is an alternative to the project that China has been implementing called “One Belt, One Road”, a route, a belt, to revitalize the Silk Road through the modernization of infrastructure and telecommunications that facilitate connectivity between Asia and Europe.

Values-centered plan

According to the declarations issued by the US Government, this plan is a collaboration between large democracies to develop a project protected by “values, with high standards and transparent” that will reduce the infrastructure needs required by developing countries. which are in the order of 40 billion dollars, increasing as a result of the Covid-19 pandemic.

Recently, a senior representative in the Biden administration criticized the Chinese “One Belt, One Road” plan for poor transparency and poor labor and environmental standards, as well as allegedly leaving many countries worse off.

Biden is pressuring the G7 to take “concrete action” against “forced labor” in northwest China’s Xinjiang province, where the Uighur minority lives.

M. Rodríguez

Fuente: eleconomista.es

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