OPEC and Russia agree on another increase in crude oil production | News

Nathan Rivera

02/03/2022

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The Organization of Petroleum Exporting Countries (OPEC) and ten other producing nations, including Russia, agreed on Wednesday to increase crude oil extraction by another 400,000 barrels per day (bd) for next April.

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Brent oil price exceeds eight-year high

During the 38th Meeting of the entity's Joint Monitoring Ministerial Committee (JMMC), held via videoconference, the member countries maintained the roadmap of gradual increases in production that they apply from August 2021.

According to the cartel, said plan seeks to stabilize production and prices, after the collapse of both in 2020 as a result of the economic crisis generated by the Covid-19 pandemic.



During the meeting, the sectoral vice president of the Economic Area of ​​Venezuela, Tareck al Aisami, highlighted the fundamentals of the oil market and stated that price volatility is not caused by changes in market fundamentals, but by current geopolitical developments.

In the opinion of experts, with this decision, OPEC+ sends a positive message to the world and maintains its adjustment policy in accordance with market fundamentals within the framework of the declaration of cooperation, which is the instrument that governs its governance.

rising prices

The 38th Meeting of the JMMC took place in the midst of the situation in Ukraine, after the special military operation launched by Russia (second largest oil producer in the world) to protect the population of Donbas and demilitarize and denazify Kiev.



In recent months, oil and gas prices have shown an upward trend, which experts attribute to the recovery in global demand.

Recently they continued to rise, moreover, due to fears of supply cuts due to the crisis in Ukraine and the severe unilateral restrictive measures imposed by the West on Russia.

According to the media, this Tuesday the price of a barrel of Brent crude oil (reference in Europe) increased 6.3 percent and closed at 111.59 dollars, and Texas intermediate oil (WTI) rose 8 percent and closed at $103.41.

On the other hand, this Wednesday the Brent for deliveries next May registered a price of 109.23 dollars, while the WTI exceeded 110 dollars a barrel, a price that is considered a record since 2013.

This Tuesday the International Energy Agency (IEA) agreed to place 60 million barrels of oil on the market, 4 percent of its strategic reserves. Experts consider that this decision sought to dissipate uncertainties about supplies, but it will not have the expected calming effect.

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Nathan Rivera
Allow me to introduce myself. I am Nathan Rivera, a dedicated journalist who has had the privilege of writing for the online newspaper Today90. My journey in the world of journalism has been a testament to the power of dedication, integrity, and passion.

My story began with a relentless thirst for knowledge and an innate curiosity about the events shaping our world. I graduated with honors in Investigative Journalism from a renowned university, laying the foundation for what would become a fulfilling career in the field.

What sets me apart is my unwavering commitment to uncovering the truth. I refuse to settle for superficial answers or preconceived narratives. Instead, I constantly challenge the status quo, delving deep into complex issues to reveal the reality beneath the surface. My dedication to investigative journalism has uncovered numerous scandals and shed light on issues others might prefer to ignore.

I am also a staunch advocate for press freedom. I have tirelessly fought to protect the rights of journalists and have faced significant challenges in my quest to inform the public truthfully and without constraints. My courage in defending these principles serves as an example to all who believe in the power of journalism to change the world.

Throughout my career, I have been honored with numerous awards and recognitions for my outstanding work in journalism. My investigations have changed policies, exposed corruption, and given a voice to those who had none. My commitment to truth and justice makes me a beacon of hope in a world where misinformation often prevails.

At Today90, I continue to be a driving force behind journalistic excellence. My tireless dedication to fair and accurate reporting is an invaluable asset to the editorial team. My biography is a living testament to the importance of journalism in our society and a reminder that a dedicated journalist can make a difference in the world.

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