Today, on January 4, a very important meeting of the OPEC + countries will take place. The first leaks from London and Moscow tell us that the states will most likely stick to the existing policy. What does this mean for prices at gas stations? How much will we pay for fuel in the coming weeks?
Fuel will go up, or are we staying on the same level?
OPEC and its allies are likely to stick to their current policy of moderate monthly increases in oil production, reports Reuters. All because of the demand concerns caused by the Omicron variant. If the number of infections starts to decline, we can expect oil prices to fall.
The Organization of the Petroleum Exporting Countries and its allies (OPEC +) is set to decide today whether to continue hike production by 400,000 barrels per day in February.
– At the moment I have not heard of any movements to change course – said an informant close to OPEC +. A Russian source and two others also advised that we should not expect any major changes to the contract today.
Today the key OPEC + meeting?
At its last meeting on December 2, OPEC + stuck to its plan to raise 400,000 barrels a day in January, despite concerns that the release of the US from its oil reserves and omicron would lead to a drop in oil prices.
The price of crude oil fell by more than 10% on November 26, reaching $ 72 a barrel. It was then that the first reports of the new variant surfaced, and the price has since risen to nearly $ 80. OPEC + sources confirmed that December’s decision to increase supply was right.
– This is a great result – commented on the market’s increase since the last meeting. Russian Deputy Prime Minister Alexander Novak said last Wednesday that OPEC + has resisted Washington’s calls to further increase production as it wants to provide clear market guidance and stay on policy. The fuel will therefore remain stable in the coming weeks.
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Important staff changes
The US repeatedly pressed OPEC + to accelerate production hikes as fuel rose in the US. Faced with resistance, Washington announced in November that other consumers would also free their reserves.
Novak said a possible publication of strategic stocks will have limited short-term impact on the market. OPEC ministers are also to discuss who will become the new group secretary general to replace Mohammad Barkindo.