LONDON (Reuters) – OPEC and allies are meeting this Monday to debate what oil production should be, since interruptions in supply and demand recovery after the Covid-19 pandemic raise the price to more than 80 dollars a barrel.
The rise in the price of oil, the highest value in the last three years, was exacerbated by an even greater increase in gas prices, which soared 300% and were sold at close to the equivalent of 200 dollars a barrel due to shortages of supplies and low production of other fuels.
The Organization of Petroleum Exporting Countries, and its Russian-led allies, a group known as OPEC+, agreed in July to raise production by 400,000 barrels a day a month by at least April 2022 to gradually replenish 5.8 million barrels per day of the existing cuts.
Four OPEC+ sources told Reuters last week that producing countries were considering increasing production more than the deal provided, but none gave details on how much or when supply would increase.
November is the closest month an increase can come, as the last OPEC+ meeting decided October volumes.
Rising oil, gas, coal and energy prices are fueling inflationary pressures around the world and slowing economic recovery.
An adviser to US President Joe Biden met with Saudi Prince Mohammed bin Salman in Saudi Arabia last week to discuss the war in Yemen, but said the oil price was also “a cause for concern.”
Russian oil and gas production rose to 10.72 million barrels a day in September, the highest level since the 11.34 million barrels a day pumped in April 2020, data showed on Saturday.
(Written by Dmitry Zhdannikov)
((Translation of the São Paulo Newsroom))
REUTERS AAP
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