February 4, 2023

Dubai Week

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Oil prices vary in anticipation of "OPEC Plus" meeting Scientist

Oil prices vary in anticipation of “OPEC Plus” meeting Scientist

Crude oil prices varied in trading on Monday morning, ahead of a meeting of the OPEC Plus Alliance’s technical and ministerial committee to monitor the decline in oil production. More acceleration than in previous months.

On Wednesday, the coalition is holding its meeting, while despite the acceleration of vaccinations, uncertainty remains about the future of global oil demand as HIV infections accelerate.

(06:15 GMT), Brent crude for November delivery was up 0.11% at $ 71.76 a barrel.

Meanwhile, the US West Texas intermediate crude futures price was down 0.55% at October delivery to $ 68.41 a barrel.

Yesterday, Sunday, Kuwaiti Oil Minister Mohammed al-Faris said that all options related to reducing oil production would be presented and discussed at the OPEC Plus meeting on Wednesday and that the best and most appropriate decisions for the benefit of the oil market would be unanimously adopted.

“Kuwait always supports any joint decision taken by OPEC Plus,” the minister said in a statement issued by the news agency “Guna”.

OPEC Plus announced last July that the deal to ease production restrictions by 400,000 barrels a day would resolve the reduction to 5.4 million barrels a day, starting this August.

Under the agreement, production restrictions will be reduced by 400,000 barrels per day per month, with zero barrel production cuts by September 2022.

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