Oil prices have risen since 2018 when OPEC + negotiations have ceased | Business and Economic Affairs
OPEC + officials have abandoned oil talks and have not set a new date to resume, after a dispute last week.
Oil prices increased profits to the highest level since 2018 after OPEC + negotiations were suspended, raising hopes that oil prices will continue to rise as global demand for oil recovers in the run-up to COVID-19.
Brent crude rose 18 cents or 0.2% to stand at $ 77.34 a barrel by 0542 GMT, gaining 1.3% on Monday. The initial share of $ 77.61 was the largest since October 29, 2018.
The futures futures at US West Texas (WTI) were at $ 76.57 a barrel, up $ 1.41 or 1.9% from Friday closing. There was no place on Monday, a holiday in the US to celebrate Independence Day.
It reached $ 76.77 a barrel early Tuesday, just a shame peak at the October 2018 $ 76.90.
Officials from the Organization of the Petroleum Exporting Countries (OPEC) and their allies, the OPEC + group, have abandoned oil talks and have not set a new date to resume, after a dispute last week when the United Arab Emirates (UAE) rejected an eight-month extension. .
The UAE, the fourth largest group in the bloc, has opposed an agreement reached between Saudi Arabia and Russia to extend the border by the end of next year, instead of finishing in April as originally planned.
The UAE agreed with 22 other OPEC + members that monthly cuts should be reduced by 400,000 barrels per day from August, but said the increase should be done differently.
The group resolves their differences privately and tends to present themselves as allies. But this is so obvious that the powerful ministers of the UAE and Saudi Arabia raised their concerns in an interview with Bloomberg Television and other journalists on Sunday.
‘No more barrels’
Some OPEC + writers say there will be no more oil in August, while others say a new meeting will take place in the coming days and they believe it will be a boost in August.
“Behind the meeting there was a view that there will be no more drums from OPEC + coming next month and the return of oil to reopen the market,” said Tetsu Emori, CEO of Emori Fund Management Inc.
He added: “The market seems to be trusting the OPEC + system and that by the end of the agreement by August for the project to continue.”
Iraq’s oil minister Ihsan Abdul Jabbar on Monday said his country was committed to the current agreement with OPEC and its allies and did not want to see oil prices rise more than they are now to stabilize.
He also said that he hoped that in 10 days there would be a day for the next meeting.
“Advertisers are reluctant to move any side from here because they are unsure of what OPEC + members have been doing since next month,” said Toshitaka Tazawa, a business analyst at Fujitomi Co.
COVID cuts
OPEC + agreed on prizes registered in 2020 to address the cost of COVID 19.
Manufacturers are slowly lowering the ban, but on Friday the idea of raising more than 2 million barrels per day (bpd) from August to December 2021 and extending the deal on a gradual change by the end of 2022 was closed.
“The seal is focused on the UAE’s development in recent times. It is a problem that we expect OPEC to end before the end of the April 2022 agreement,” Alan Gelder, Vice President at Wood Mackenzie, said in a statement.
“These negotiations, however, will be complex and ongoing.”
Unscrupulous Asian buyers expect Saudi Arabia to sell its prices (OSPs) to monitor market direction following the unexpected suspension of the OPEC + summit, three Asian refining sources told Reuters on Tuesday.
