2023-06-03 18:51:26
At Sunday’s crucial conference, the OPEC+ countries will decide on the level of their oil production in the coming months.
It’s a crucial weekend for gas prices. The Organization of the Petroleum Exporting Countries (OPEC), which brings together 13 countries, and ten other producing countries, including Russia, meets in Vienna and raises great expectations on the crude markets.
Will OPEC, responsible for 40% of global oil production, turn off the taps for the third time since October, or leave its current level of pumping unchanged? OPEC faces falling oil prices and a looming supply glut. At the beginning of April, several members of the group had surprised by announcing cuts of more than one million barrels per day in an attempt to boost prices.
After trending sharply lower in recent weeks, oil prices ended the week higher, boosted by the passage in the United States of a bill to raise the debt ceiling and prevent the country to find themselves in default of payment.
The price of a barrel of Brent settled at $76.08 in London on Friday, up 2.45% from the close of the previous session, while the price of a barrel of Texas Intermediate (WTI) rose from 2.64% to 71.74 dollars in New York.
These prices remain well below the levels of over $100 a barrel from a year ago and do not satisfy OPEC+, which has been trying unsuccessfully for months to reach above $80, going as far as to one million barrels per day, as the group faces falling oil prices and a looming supply glut.
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