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[size=38]An Expert Expects An Increase In OPEC Production By This Percentage During The Next Meeting
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LAST UPDATE 02/02/2022 | 3:44 PM
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LAST UPDATE 02/02/2022 | 3:44 PM
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Oil expert, Dr. Fahd bin Juma, expected that “OPEC +” will continue to increase production by 400,000 barrels per day at its meeting this week.
Bin Jumaa said, in an interview today, Tuesday, that raising production by 400,000 barrels per day is the best choice for the markets and “OPEC +” alike.
He added that "OPEC +" was unable last month to comply with the planned increase of 400,000 barrels per day due to the inability of the group's countries to increase production capacity.
He explained that there will be a shortage of supply regardless of the increase in production by 400,000 barrels or more.
Goldman Sachs believes that oil prices remaining near $90 a barrel may push the group to a greater than expected increase tomorrow.
Fahd bin Juma said that the average price of Brent crude at $70 to $75 a barrel is the best option for the global economy and “OPEC +”, because it creates a balance for the global economy that suffers from high levels of inflation, and suits producers and their investments, adding that it is the best price for producers and consumers to Somewhat.
On the possibility of a rise in oil prices, he said that market factors support the rise in prices because the demand is high and coincides with the shortage of supply and with the rise in US interest rates expected in March, the price hike is more realistic according to the current circumstances. finished/25h
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