Oil is released after OPEC to consume surplus oil

(Bloomberg) – Oil was stable after OPEC said a planned reserve stock could boost crude profits early next year.

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In New York, futures traded at $ 78 a barrel. The forecast was made ahead of next week’s OPEC + meeting by the manufacturer’s advisory body – the Economic Commission Board. Some representatives of the group warned that this week’s release of strategic stockpiles could hamper the supply of crude in January.

Crude fell last month in response to President Joe Biden’s rise in energy prices, but said crucial plans fell short of expectations on Tuesday and saw prices rise. The International Energy Agency (IAEA) has called on Saudi Arabia, Russia and other major energy producers to speed up the return of OPEC + supplies by creating “artificial tightness” in the global oil and gas markets.

Predictions on the response are mixed. Citigrupp Inc. OPEC + adheres to its January target of 400,000 barrels per day because the reduction in supply erodes the group’s claim that it will serve the public interest by stabilizing oil markets. Australia and New Zealand Banking Group have said the union will stop walking to provide a head office.

“As the error line between OPEC + and major consumer countries becomes wider, the actions of the six exporting countries will lead to a resurgence,” said Tamas Varga, a brokerage PM.

The Petroleum Exporting Countries Consultative Group predicts that the market capitalization in January and February will reach 1.3 million barrels a day and 2.7 million barrels a day if 66 million barrels are produced by major consumers. According to a document obtained by Bloomberg – Monthly.

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