Three OPEC + sources told Reuters that the alliance of major oil producers is not currently discussing halting increases in crude oil production, despite the move by the US and other countries. Other consumables to be taken from emergency reserves.
The United States and some other countries have decided to withdraw from reserves after efforts to get OPEC + to pump more crude oil failed, while a jump in gasoline prices in the United States has increased pressure on President Joe Biden, a due to high inflation and declining popularity.
OPEC + argues that the world will soon face a new oversupply despite rising oil prices to their highest levels since 2014 above $ 85 a barrel.
OPEC + meets next week to discuss supply and demand balance in oil markets.
The group adds 400,000 barrels a day to its supply each month to end production cuts record in act since last year, currently amounting to 3.8 million barrels per day.
For its part, the International Energy Agency has called on “OPEC +” to take measures to reduce oil prices.
Two sources added that OPEC + will hold a meeting of the Joint Ministerial Monitoring Committee on November 30.
The meeting of the Joint Technical Committee is scheduled for 29 November.
On November 4, OPEC and its allies agreed to stick to plans to increase oil production by 400,000 barrels per day starting in December.
The incomes of all oil producers declined with the onset of the COVID-19 pandemic and, with the recovery of demand in the global economy, they were in able to rebuild their balance sheets.
The OPEC Plus supply brake reinforced a rally that pushed the global benchmark, Brent crude, to a three-year high of $ 86.70.
OPEC + sources have said that the United States has a great capacity to increase production on its own if it sees that the global economy needs more energy.
After the November 4 meeting, Saudi Energy Minister Prince Abdulaziz bin Salman said manufacturers are worried about moving too quickly for fear of new setbacks in the battle against the pandemic and the pace of economic recovery. .
He said oil inventories will see a “tremendous” increase in late 2021 and early 2022 due to slowing consumption.
For his part, Suhail Al Mazrouei, Minister of Energy and Infrastructure of the United Arab Emirates, said: “We expect an oil surplus in the first quarter of next year.
Russian Deputy Prime Minister Alexander Novak said OPEC has already added 2 million barrels a day to global supplies since August and will continue its plan to add another 400,000 barrels each month between late 2021 and early 2022.
Explaining why OPEC Plus chose not to increase production, Novak said: “There are some indications of lower oil demand in the European Union in October. Global oil demand continues to be under pressure from the mutated strain of oil. Covid Delta “.
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