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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Oil returns to rise, and anticipation of the results of today's OPEC meeting

rocky
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Oil returns to rise, and anticipation of the results of today's OPEC meeting Empty Oil returns to rise, and anticipation of the results of today's OPEC meeting

Post by rocky Wed 01 Dec 2021, 6:03 am

Oil returns to rise, and anticipation of the results of today's OPEC meeting

  •  Time: 01/12/2021 09:30:49
     
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{Economic: Al Furat News} Oil prices rose by more than two percent, today, Wednesday, to compensate for some of the sharp losses incurred during the previous session, as major producers are preparing to discuss how to interact with the threat to fuel demand due to the mutated "Omicron".
Brent crude futures rose $1.90, or 2.7 percent, to $71.13 a barrel by 0504 GMT, after falling 3.9 percent on Tuesday.
US West Texas Intermediate crude futures rose $1.71, or 2.6 percent, to $67.89 a barrel, after falling 5.4 percent yesterday.
The Organization of the Petroleum Exporting Countries meets on Wednesday, and before Thursday's meeting of "OPEC Plus", which brings together "OPEC" with allies, including Russia.
Commenting on the state of oil markets, Sunil Katki, head of retail goods affairs at Kotak Securities, said: “Since the United States and other countries have agreed to use emergency stocks to control price hikes, and since prices have already fallen from $85 a barrel to nearly From $70, OPEC Plus may reconsider its strategy.
He added, "There is a possibility of this happening, given the mutation of the new Corona virus and its impact on global demand, especially in the aviation sector," according to "Reuters".
Even if OPEC Plus agrees to go ahead with the planned supply increase in January, producers may find it difficult to add that much.
A Reuters survey concluded that OPEC pumped 27.74 million barrels per day in November, an increase of 220,000 barrels per day from the previous month, but that was less than the increase of 254,000 barrels per day allowed for OPEC members under the “OPEC Plus” agreement.
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