2023-11-22 15:15:00
Vienna: The ministerial meeting of the countries of the OPEC+ alliance, initially scheduled for Sunday in Vienna, has been rescheduled for November 30, the Organization of the Petroleum Exporting Countries (OPEC) announced in a press release on Wednesday, a postponement which caused a fall courses.The thirteen members of OPEC, led by Saudi Arabia, and their ten partners led by Russia must decide on their next production target in the face of falling crude prices.
The OPEC+ announcement, which was not accompanied by any explanation, sent oil prices into the red, Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices.European reference for oil, and the WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.its European equivalent, losing more than 4% around 2:00 p.m. GMT.
This meeting is indeed eagerly awaited by the markets as prices have fallen since the end of September, the Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. now moving below the $80 mark, amid concerns regarding global demand.
???????? In China, the world’s largest importer of crude oil, the post-Covid-19 recovery is proving much more sluggish than expected, and mixed signals are coming from Europe, even the United States.
The current strategy of OPEC+, nine members of which, in particular Riyadh, have reduced their production in recent months to boost prices, has failed to sustainably raise prices.
Analysts report possible differences between the two heavyweights, Riyadh and Moscow.
???????? Recently, “the Saudi Minister of Energy blamed the fall in prices on speculators”, believing that it “did not correspond to market fundamentals”, underlines Carsten Fritsch, analyst at Commerzbank.
What is OPEC+ and how does it impact oil prices?
???????? Russian Deputy Prime Minister Alexander Novak on the contrary affirmed on Wednesday that “current oil prices objectively reflect the current situation”.
“They are at a sufficient level and, therefore, the market is balanced. But we will discuss these issues in detail at the next meeting,” he added, quoted by Russian news agencies.
Comment OPEC+ meeting postponed to November 30, fall in oil prices
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