OPEC responds to increased production as oil prices rise

Texas News Today

FILE PHOTO: The Organization of the Petroleum Exporting Countries (OPEC) logo stands outside the headquarters ahead of the OPEC and non-OPEC conferences in Austria on December 6, 2019. Reuters / Leonhard Foeger / FILE PHOTO

3 October 2021

LONDON (Reuters) – OPEC and its allies meet on Monday to discuss oil volumes that hit a red-hot market at more than $80 a barrel due to supply turmoil and demand recovery from the coronavirus pandemic. issues. Growth.

The rise in oil prices to the highest level in three years was accelerated by a further rise in gas prices. Gas prices have risen by 300% due to lack of supply and low production of other fuels and are now trading at around $200 a barrel.

The Russia-led Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will increase daily output by 400,000 barrels in July, until at least April 2022, eliminating existing savings of 5.8 million barrels. Will give agreed to terminate.

Four OPEC+ sources told Reuters last week that producers are considering adding more than expected deals, but details of how much and when supplies will increase have not been revealed. had not been.

Since the October volume was determined at the last OPEC+ meeting, the nearest month in which an increase is likely to occur is November.

Rising prices of oil, gas, coal and electricity have created inflationary pressures and slow recovery around the world.

A senior aide to US President Joe Biden met with Crown Prince Mohammed bin Salman in Saudi Arabia last week to discuss the war in Yemen, but said oil was also “worried”.

Russia’s oil and gas condensate production rose to 10.72 million barrels/day in September, the highest level since 11.34 million barrels/day was pumped in April 2020, data showed on Saturday.

(Reporting by OPEC Team, Written by Dmitry Zhdannikov, Edited by Andrew Heavens)

OPEC responds to increased production as oil prices rise

Source link OPEC responds to increased production as oil prices rise

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