OPEC and Russia agree on another increase in crude oil production | News
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.
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.
#In pictures || The Vicepd. Sector of the Economic Area @TareckPSUV he highlighted the current fundamentals of the oil market and that the current volatility is not caused by changes in market fundamentals, but by current geopolitical developments.#3Mar pic.twitter.com/fu8vfCJ0Zo
– Vzla Vice Presidency (@ViceVenezuela)
March 2, 2022
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.
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.
The 38th JMMC Meeting has begun under the Chairmanship of HRH Prince Abdul Aziz bin Salman, Saudi Arabia's Minister of Energy, and Co-Chair HE Alexander Novak, Russian Deputy Prime Minister, together with …
— OPEC (@OPECSecretariat)
March 2, 2022
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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