May 27, 2022

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Survey: 220 thousand barrels per day, increase in "OPEC" oil production

Survey: 220 thousand barrels per day, increase in “OPEC” oil production

London (Reuters)

According to a survey by the Organization of the Petroleum Exporting Countries (OPEC), oil production rose by 220,000 barrels a day in November to 27.74 million barrels a day.
According to a Reuters poll released yesterday, OPEC countries’ commitment to the OPEC Plus Group’s production cuts has increased from 118% to 120% in the previous month.
In addition, in the face of the new variant of the corona virus, Omigron, oil prices fell more than three percent yesterday, following a suspicion by the CEO of Modern Pharmaceuticals about the effectiveness of vaccines against Govit-19. This frightened sellers in the financial markets and increased concerns about oil demand.
The head of Modern Pharmaceuticals told the Financial Times that the Covit-19 vaccine would be just as effective against Omigran as it had been against the previous variant, Delta.
Brent crude was down $ 2.32 or 3.2% at $ 71.12 a barrel at 09.12 GMT, the lowest level since early September. West Texas Intermediate crude futures were down $ 2.15 or 3.1% at $ 67.80.
The head of the Federal Reserve (US Federal Reserve) Jerome Powell told Congress that the new mutation would disrupt the economic recovery. But he said: We will use all our tools to support the strength of the economy and the labor market. Oil prices fell about 12% on Friday, amid fears that Omicron’s proliferation could trigger a new shutdown and restrict global growth, affecting oil demand.

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