Monday, May 27, 2024

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.

See also  The Libyan National Oil Corporation estimates that total oil sales in August were $ 1.9 billion
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:


More like this

Cost-effective drilling: how to reduce operational expenses by smart equipment choices

Drilling costs affect the profitability and sustainability of oil...

Navigating the World of Cryptocurrencies: How to Choose the Best Crypto Wallet

In the digital age where cryptocurrencies are rapidly gaining...

Unlock the easiest way to get EU citizenship of Slovenia and Romania with Union Permits

Due to the nature of their immigration programs, Slovenia...

The Ultimate Guide to Men’s Facials in Dubai

In the bustling city of Dubai, where the sun...