The OPEP and its allies agree to maintain the records in petroleum production: new below the barrel price

The members of the Organization of Petroleum Exporters of Petroleum (OPEP) and their allies in Opep + adopt the Jews a posture prude prese to the return of the beautiful goods and mantuvieron his production records.

The Ministers approve the Maintenance of March production levels through April, with the exception of Russia and Kazakhstan ”, stated the alliance in a communication through a ministerial meeting.

The Opep + accepted that Russia and Kazakhstan increase their production by 150,000 barrels in April, which means a liger increment by the Global Suministro of the Alliance.

When the aspiring analysts diverge between the two pesos of the alliance, Russia and Saudi Arabia, the meeting was held in less than three hours and conducted decision to increase only marginally the production of crude my next. Arabia Saudi Arabia maintains its voluntary and additional reduction of one million barricades next month.

Algehele la alliance convino-entonces dejar bajo tierra circa de siete millones de barriles barriles en marzo, y los precios del petrolo se dispararon tras la decision.

The barrel of Brent del Mar del Norte for entry into Mayo suboí un 4.17% of London at $ 66.74, tras alcanzar en la jornada los 67.75 doler, un alza por encima del 5%. As of April, WTI’s barrel was 4.16% in New York at $ 63.83, down from $ 64.86, a maximum since 2020.

“Vigilancia”

This room, which we reunited with 23 members of the OPEP and its societies, followed by videoconference as a consequence of the covid-19 pandemic.

‘La Incidentally, the pace of recovery (economics and, in addition, the demand for crude, ndlr) has not diminished. It is difficult to make predictions in an unpredictable context, because what we call the prudencia ya la vigilancia ”, warned the Minister of Energy, Abdelaziz bin Salman, at the start of the meeting.

My Russian colleague, who was used to talking about a return to normalcy, also make similar declarations at the conclusion of the meeting. “We will again underline the need to be vigilant,” said Russian Deputy Prime Minister Alexandre Novak, in charge of Energy.

Ambos ministros señalaron que, although the economic prospects are the best, the speed of recovery of the demand is subject to many conditions, as the success of the evacuation campaigns.

In our monthly newsletter, The International Energy Agency (AIE) considers that the equilibrium of the oil market is “fragile” years ago and advice on the propagation of the new varieties of coronavirus.

“Good luck”

The differences between the two cages of the accord are reduced significantly to the length of the yearAccording to experts, the return of the good prices to a level comparable to the period before the pandemic – the $ 65 barrel for European and North American references – increases tensions.

For the moment agreed to the hearing: “We have a good agreement”, congratulations Abdelaziz bin Salman. “This consensus allows us to advance”.

In the last year of January, negotiations will take place. The Opep + will finally open its production in March, using this style on its main pod: dominate the black hole to check the balance between offer and demand.

The alliance has one experience similar in the same period of the past year, as the beginning of the pandemic, a problem that led to a short but intense war of precision.

Benoît Pelegrin for AFP

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