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The “OPEC +” alliance meets today to discuss developments in the oil market
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Later, today, Monday, the "OPEC +" alliance consisting of major producers of crude in the Organization of the Petroleum Exporting Countries and other independents led by Russia will meet to discuss developments in the global oil market.
At the end of last week, Brent crude contracts rose above $80 a barrel, the highest level since October 2018, amid an increase in demand and stable global supply.
Today, the coalition is discussing the possibility of increasing oil production by easing production cut restrictions by 400,000 barrels per day, to stabilize the total reduction within an agreement that began to be implemented in May 2020, at 4.6 million barrels per day.
And in the event that a decision is taken today, to maintain plans to ease production restrictions by 400,000 barrels per day, it will not find the approval of the White House, which demanded last August to ease restrictions by more than the expected number.
Global derivatives prices have risen rapidly since the beginning of this year, with the return of the recovery in demand for oil and the resumption of the opening of economic facilities, after a closure in 2020, caused by the outbreak of the Corona virus.
The alliance aims to implement a gradual easing of production restrictions, to reach a reduction of zero barrels by September 2022.
And the oil prices recorded today, come before the entry of the winter season, which, according to analysts, is expected to increase the demand for crude, in light of the rise in natural gas prices globally.
This means that the price of a barrel is expected to rise near $85, according to identical expectations of the investment bank Goldman Sachs and the International Energy Agency.]
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