OPEC may increase oil production cuts
2022.12.02 09:27
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OPEC may increase oil production cuts
Budrigannews.com – It is obvious that OPEC will stick to the current oil production indicator on Sunday, two OPEC sources said on Friday, although in some cases a further decline in production is not excluded, given concerns about the development of monetary policy, as well as demand.
According to sources in the group, the fact that OPEC, as well as Russia’s allies, the OPEC group, called OPEC, postponed the planned virtual meeting in Vienna on December 4, indicates that OPEC may retain its policies.
An OPEC source said: “It’s incredible that policy changes will happen in politics.” The same comments were made by other sources, who also declined to be named. When OPEC Ministers hold a virtual meeting in Greenwich on Saturday, January 11, negotiations will begin.
On Sunday, the advisory joint committee on Monitoring Management at the ministerial level of the JMMC will host a full-fledged ministerial conference, which will simultaneously begin negotiations with the OPEC. In October, the Group agreed to reduce production by 2 million barrels per day or about 2 million barrels per day in November-the end of 2023 due to lower prices for petroleum products and economic prospects.
Sources told Reuters that OPEC is currently trying to figure out how the upcoming decline in oil prices will affect the market and how much demand for Chinese oil will be on the market, where an unprecedented demonstration is expected to ease restrictions on coronavirus. “On Friday, the CEO of Kuwait Petroleum, Sheikh Nawad Saud Al-Sabah, said that buyers are not asking for more oil, and the oil products market seems to be well supported at current levels.”
During the Rome conference, he said that we ask our clients about what they need next year, and they all answered directly that we don’t need more oil, we really require about that, maybe even more, just for fear of a crisis… although we can avoid it now.” On Sunday, analysts and OPEC representatives cannot but rule out surprises. “JPMorganChase Co.”
Last week in a report it was noted that the UN is likely to maintain its position at the meeting, allowing to reduce more than 500 thousand barrels per day, in case of continued growth in demand.
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