It is highly likely that Saudi Arabia will extend its voluntary reduction in oil production and Russia in its exports until January and February 2024. This forecast was given to socialbites.ca by BCS World of Investments stock market expert Igor Galaktionov on the eve of the OPEC and OPEC+ meetings on November 30.
“OPEC and OPEC+ are in the process of discussing how many more barrels of oil can and should be removed from the world market. The alliances’ goal is to support oil prices for the North Sea Brent brand above $80 per barrel in 2024. “The main option of OPEC and OPEC+ is to extend the voluntary cuts of Saudi Arabia (production) and Russia (export) to a total volume of 1.3 million barrels per day,” he commented.
He suggested that the quotas of other states could also be revised.
“The UAE and Iraq are currently producing oil above the established quotas. Nigeria and Angola remain significantly below the quota. Judging by the postponement of the OPEC and OPEC+ meeting, the negotiations are not going completely smoothly, but it is in the interest of all members of the alliances to reach agreements,” said Galaktionov.
According to analysts at investment bank Goldman Sachs, there is about a 35% chance that countries in the OPEC+ alliance will decide to intensify cuts in oil production at the next meeting.
OPEC and OPEC+ countries were supposed to negotiate on November 25 and 26, but the meeting was postponed affected On November 30th. Brent barrel price was falling Following the news that the meeting was postponed, it fell 4% to $79 during trading on the London ICE exchange.
Previously “socialbites.ca” saidWhether Russia is taking advantage of the global oil shortage.