Tuesday, September 26, 2023
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OPEC+ decides whether to cut its crude production

Vienna, Jun 4 (Prensa Latina) The ministers of the OPEC+ alliance began a meeting today to discuss whether they will adopt new cuts in oil production, at a time when hydrocarbon prices are falling.

According to sources close to the negotiations, among the options on the table is the reduction of one million barrels per day in the pumping of crude oil by OPEC+, made up of the 13 members of the Organization of Petroleum Exporting Countries (OPEC) and 10 nations major producers of black gold, led by Russia.

The prices of black gold, which climbed to 100 dollars a barrel the previous year, are now at less than 77 dollars, in a volatile market.

According to experts, despite the fact that prices rose in the two most recent sessions, they have fallen 10 percent since the beginning of April 2023 due to the negative impact of inflation on consumption, the monetary tightening of large banks and a less smooth recovery of Chinese demand.

Giovanni Staunovo, an analyst at UBS, said, however, that the chances of an increased production cut appear to have increased considerably. The OPEC Secretary General, the Kuwaiti Haitham Al-Ghais, reiterated in an interview broadcast on Saturday by the Venezuelan state channel (VTV), the need to promote investment in the industry, in the face of a foreseeable increase in energy demand. According to the official, the global industry requires 12.1 trillion dollars between now and 2045, which means 500 billion dollars annually, a considerable amount, he argued.

In this regard, he added that an increase of 23 percent in energy demand is estimated within 22 years, which he insisted, forces investment in the sector.

Due to currents against fossil fuels in the world is not seeing this level of investment in this sector, he also said.


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