OPEC and Russia cut oil supplies by 100,000 barrels per day

Euskaraz irakurri: LPEEk eta Errusiak petrolio-horniketa murriztuko dute, egunean 100,000 upel gutxiago eskainiz

The alliance OPEC+which includes the 13 OPEC countries (Organization of Petroleum Exporting Countries), led by Saudi Arabiaand 10 other exporting powers, including Russiahas agreed this Monday reduce its official oil supply by 100,000 barrels per day as of October 1fearing that a Brake of the world economy demand of “black gold”.

With this decision, sanctioned by the ministers of the OPEC+ sector in their monthly teleconference, the increase in pumping that had been adopted in the previous meeting, held on August 3, has been canceled for this month of September .

Thus, the ministers have agreed “to return to the production level of August 2022”, recalling that “the upward adjustment of 100,000 million barrels per day was planned only for the month of September”, reported the Organization of Exporting Countries in a statement.

Preceded by an internal committee, this Monday’s virtual meeting was convened amid rising tensions caused by the Russian invasion of Ukraine in the energy markets. Especially difficult is the situation facing Europe on the eve of an uncertain winter in terms of its gas supply, especially after Moscow redoubled the pulse with the European Union (EU) by indefinitely suspending the supply through the Nord Stream 1 gas pipeline, alleging a technical defect. The measure was announced by the state company Gazprom on Friday, hours after G7 powers reiterated their intention to cap the price of Russian oil and European Commission President Ursula von der Leyen proposed doing the same for Russian gas.

The price of oil, which had fallen more than 20% from the peaks of 120 dollars that it reached in June, returned to the upward path on Friday, and this morning it rose 2.3% on the possibility that the 23 countries of OPEC+ decided to lower their offer, as has happened. The upward trend in crude oil was thus imposed on the downward pressures that cause both the possibility of Iran selling more crude if the agreement on its nuclear program is reactivated, as well as the brake on the world economy, and therefore on oil demand. , which is causing high inflation and covid in China.

According to various sources, in the last two months the joint output of OPEC+ members has been almost 3 million barrels per day below their production targets.