OPEC-there will be no changes in oil production-source
2022.12.03 10:55
OPEC-there will be no changes in oil production-source
Budrigannews.com – OPEC sources on Saturday said that in the near future OPEC will work on its oil production targets, meeting on Sunday the next day, after the G7 G7 countries agreed on the set prices for Russian oil.
“In October, OPEC, together with its allies, including Russia, agreed to reduce oil production by 2 million barrels per day or about 2 million barrels per day in November-the end of 2023.”
The decision became furious for the United States and other Western countries. Washington, despite the Russian war in Ukraine, accused the group, as well as one of the leaders of Saudi Arabia, of supporting it. The price of oil declined in October due to the weakening growth of China and the world and the increase in rates, according to OPEC, the decline in production.
On Friday, the G7 states and Australia agreed on a fixed price of Russian offshore oil of $ 60 per barrel to maintain supplies to the world oil market, which deprived the President of the Russian Federation of any income from supplies to the world oil market. Moscow said they would not sell oil at the marginal price and would consider their proposals.
Due to the fact that Moscow sold some oil to Chinese and Indian countries that refused to condemn the war in Ukraine, many analysts and OPEC ministers believe that price restrictions were confusing and probably ineffective. Sources said that on Saturday OPEC practically gathered without its allies – such as Russia – and mainly discussed administrative problems.
The ministers did not discuss price restrictions in Russia. On Saturday, according to five delegates, the policy changes are likely to be approved on Sunday at the OPEC conference. Due to concerns about economic growth and demand, two different OPEC sources said on Friday that further production cuts may not be announced.
The meeting of the advisory group on the coordination of monitoring at the ministerial level of KMMC, after which a full-fledged ministerial conference will be held, will start on Sunday with the OPEC conference at 11:00 a.m.
