The Organization of the Petroleum Exporting Countries and its allies, independent producers outside the organization, led by Russia in the system known as OPEC +, decided moments before its ministerial committee meeting to adhere to the planned increase in production by about 400,000 barrels per day next March, ignoring the pressures of major consumers in the world calling for an increase in production at a faster pace.
In a report also issued today by the Committee of Experts for OPEC +, OPEC + kept its forecast for the growth of global demand for oil for the current year 2022 unchanged at 4.2 million barrels per day. Today, Tuesday, the markets are awaiting the US Energy Information Administration’s report on US stocks, after the Petroleum Institute’s report in the preliminary reading showed a decline in stocks by about 1.6 million barrels in the last week ending on January 28, while gasoline stocks rose by about 5.8 million barrels.
Crude prices are trading on a rise after the initial news of the organization’s meeting, where Brent crude rose by about 1.16%, trading at levels of 90.20 dollars a barrel, while the American crude (NYMEX) is trading at levels of 89.40 dollars a barrel, an increase of about 1.36%.
05/11/2024
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