Latest News

OPEC+ Weighs Adjusting Production to Counter Reserve Releases

Commodities8 hours ago (Nov 22, 2021 16:06)

© Bloomberg. Workers labor near fuel pipelines and oil storage tanks at the Jawaharlal Nehru Port in Navi Mumbai, Maharashtra, India, on Sunday, Nov. 14, 2021. Congestion at many of the world’s major ports offered a snapshot of supply chains trying to avoid unprecedented bottlenecks, as cargo handlers searched for the quickest way to route goods through the clogged arteries of global commerce. Photographer: Dhiraj Singh/Bloomberg


(Bloomberg) — The OPEC+ group of oil producers may adjust its plans to raise production next month if consuming countries go through with a coordinated release of strategic petroleum reserves, according to delegates.

India became the latest major consumer to contemplate deploying its stockpiles,  government officials said Monday, potentially assisting the U.S., Japan and even China in a move to assuage the inflationary threat of higher energy costs. The U.S. has sought to persuade consumers to open their reserves after OPEC+ declined to speed up production increases earlier this month.

Some OPEC+ countries are unhappy about the use of state reserves, designed to be deployed in an emergency, to cool this year’s rally in prices, the delegates said, declining to be identified because the discussions are private. 

OPEC+, led by Saudi Arabia and Russia, meets next week to discuss plans to increase production by an additional 400,000 barrels a day in December. 

©2021 Bloomberg L.P.

OPEC+ Weighs Adjusting Production to Counter Reserve Releases

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

You may also like

Leave a reply

Your email address will not be published.

More in Latest News