OPEC+ is preparing to approve a small increase in oil production in December, in line with its strategy of gradually restoring volumes. The decision will be made at an online meeting on Sunday, despite falling oil prices and sanctions against Russian companies.
The OPEC+ alliance plans to approve another, but small, increase in oil production in December. Delegates of the organization report that the decision will be made at an online meeting on Sunday and aims at the group's cautious return to market positions. This is reported by Bloomberg, writes UNN.
Details
Alliance members, led by Saudi Arabia, are expected to ratify a production increase of approximately 137,000 barrels per day. This pace is consistent with OPEC+'s gradual strategy, which is restoring some of the 1.65 million barrels per day halted two years ago.
The meeting is taking place in difficult conditions: Russia, one of the leaders of the alliance, is under increasing pressure due to US sanctions imposed against its two main oil companies.
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While this temporarily supported prices, which had previously fallen to a five-month low, experts believe it is too early to assess the real impact of the sanctions.
Against this background, the price of Brent remains below $65 per barrel, and the market shows signs of surplus. Some analysts, including Trafigura Group, are recording inventory accumulation in tankers, while the International Energy Agency predicts an excess of supply over demand of more than 3 million barrels per day in the current quarter.
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Despite warnings about a possible fall in prices below $60, expressed by Goldman Sachs and JPMorgan Chase, OPEC+ is sticking to a course of "moderate production recovery," arguing that this is due to stable market fundamentals and low inventory levels.
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