Opec Online Meeting, Considering Measures To ‘cool Down’ Oil Prices

Helima Croft expert belongs to RBC Capital Markets for the OPEC ability to review the decision to gradually increase the output given earlier and promote the increase in output. Illustration. (Source: Shutterstock) On October 4, the organization of oil and partner exporters (OPEC) will conduct an online meeting to decide whether to increase production or not to reduce oil prices is increasing. The Helima Croft of RBC Capital Markets of the RBC Capital Markets of Canada said OPEC will be under increasing pressure from the US on increasing output. It is said that in the context of the energy crisis in Europe and China Being escalating, the OPEC ability will review the decision to gradually increase the output given before and promote the growth rate

. In that time, based on the current market situation, Goldman Sachs forecasts Brent oil prices May soar to 90 USD / barrel for several months. To cool down, OPEC can choose the plan to increase production but the problem is that countries are willing to do this or not. market image Oil changes not significantly after OPEC's meeting in early term before the need to continue to create a burden on crude oil supply Bridge
Oil prices have been the first to increase to more than 80 USD / barrel last month after nearly 3 years. Oil prices rose to one side benefit from manufacturers by increasing export volume and revenue, on the other hand Causing the medium-term limitations because increased oil prices are at risk of holding a fragile economic recovery after Covid-19. Before that, during the meeting in early September, OPEC has agreed to advocate Increasing the output of crude oil exploitation according to the policy is being applied.OPEC at the July meeting agreed to increase the output of crude oil exploitation of 400,000 barrels / day and this level is expected to remain in the coming time. On August 31, OPEC experts forecasted that the growth of crude oil consumption demand of 2022 will reach 4.2 million barrels a day, up from the previous forecast of 3.28 million barrels a day. This is said to be able to increase oil exploitation in the future ./.

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