WSJ: Saudi Arabia and OPEC+ may increase production to 500 thousand barrels per day
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Saudi Arabia and other OPEC+ members are considering increasing oil production to 500 thousand b / d, the newspaper reports The Wall Street Journal (WSJ) with reference to members of the organization. The decision may be made at the OPEC+ meeting on December 4. The next day, December 5, the G7 countries intend to introduce a price ceiling for Russian oil.
According to WSJ sources, the production quota may be increased due to the upcoming cold weather and, accordingly, an increase in demand for the resource. Oil demand is expected to rise by 1.69 million b/d to 101.3 million b/d in the first quarter of 2023.
Today, November 21, against the backdrop of the publication of the WSJ, the price of Brent oil sank below $83 per barrel. January futures for WTI crude fell 4.53% to $76.48 per barrel.
October 5 OPEC+ countries agreed reduction of oil production by 2 million b/d. Saudi Arabia and Russia insisted on the decision. USA accused kingdom in coordinating energy policy with Russia and reported about preparing responses. In Saudi Arabia, the decision called exclusively economic. October 26 New York Times informedthat, advocating production cuts, Saudi Arabia thwarted a secret deal with the United States, under which the parties agreed to increase the quota by the end of the year.
Read more about oil production – in the material “Kommersant” “Oil will keep volumes”.
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