OPEC and Russia divided once again over how much oil is needed right now
New year, new challenges for the Organization of the Petroleum Exporting Countries. Members of OPEC and Russia gathered today to discuss whether to increase the output or not, as multiple countries are back in lockdown amid the rising number of COVID-19 infections.
While Saudi Arabia pledged against an increase, Russia called for higher production, citing a recovery in demand. According to documents published on January 4, OPEC+ members are trying to work around the idea of a 500,000 barrel per day output cut for February. Still, they are also considering keeping the production level steady at half of million barrels per day.
Given the uncertainties caused by the pandemic, most member countries are in favor of production cuts for February, with Prince Abdulaziz bin Salman stating: "I urge you today not to take for granted the progress we have made as a group over the past year. Do not put at risk all that we have achieved for the sake of an instant, but illusory, benefit."
Yesterday, after the initial meeting was over, Brent Oil price dropped 1.4%. However, it managed to recover some of its losses. At the moment of writing is trading at $51.60 per barrel.
The talks resumed today at 2:30 PM GMT.
Stay tuned for more!
Sources: investing.com, cnn.com
Gli utenti / lettori non dovrebbero fare affidamento esclusivamente sulle informazioni qui presentate e dovrebbero fare le proprie ricerche / analisi anche leggendo la ricerca reale sottostante. Il contenuto è generico e non tiene conto di circostanze personali individuali, esperienza di investimento o situazione finanziaria attuale.
Pertanto, Key Way Investments Ltd non accetta alcuna responsabilità per eventuali perdite di trader a causa dell'uso e del contenuto delle informazioni presentate nel presente documento. Le prestazioni passate e le previsioni non sono un indicatore affidabile dei risultati futuri.