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OPEC and its allies decide on Thursday if they continue to cut their offer

The world oil markets will be attentive this week to the deliberations in Vienna of OPEC and other oil producers about a possible prolongation of the cut in the offer of oil. "black gold" effective until March 31 next.

Vienna, Nov 26 (EFE) .- The world oil markets will be attentive this week to the deliberations in Vienna of OPEC and other oil producers about a possible prolongation of the cut of the "black gold" offer valid until March 31st.

There are "ongoing discussions about the duration of the supply adjustments beyond March 2018", confirmed On the 7th the OPEC General Secretary, Mohamed Barkindo, at a press conference in Vienna.

Barkindo alluded to the limitation of oil production in almost 1.8 million daily barrels (mbd) which, stamped a year ago by 24 producing countries, has been maintained since January 1, 2017 and has contributed to a considerable rise in crude oil prices to levels not they were seen in two and a half years.

In addition to the fourteen OPEC members, the pact was signed by the independent producers Russia, Mexico, Kazakhstan, Azerbaijan, Bahrain, Brunei, Malaysia, Oman, Sudan and South Sudan.

The decision on a possible extension of the agreement will be evaluated by the ministers of these countries next Thursday at a meeting at the headquarters Vienna OPEC, preceded on the same day by the ministerial conference of the organization.

A few days before the meeting, rumors have emerged that Saudi Arabia and Russia, the largest producers of the group and therefore their natural leaders, would have reached a prior agreement to give the green light to an extension of between six and nine months.

It would be the decision expected in the markets after not only Riyadh but other OPEC officials will plead in their favor, something that has further boosted the uptrend of "petroprecios" by around 20% since last September.

The price of Brent oil, the international benchmark, reached 63.42 dollars per barrel on Friday in London, with an increase of 0.58% compared to the previous year. close of the previous day and a cumulative advance of 1.77% throughout the week.

The OPEC reference barrel exceeds 61 dollars, when a year ago it sold around 45 dollars.

However, the value of crude oil has not returned to the level of more than 100 dollars / barrel that remained between 2011 and mid-2014, before plummeting to less than 30 dollars a early 2016 due to a strong excess supply, caused, above all, by the boom in shale oil (or shale) in the United States.

The strong and sustained reduction in price implied a hard blow for the oil countries, and especially for the founding member of the OPEC Venezuela, whose president, Nicolás Maduro, arrived last Friday to attribute it to a manipulation intentional.

In the IV Forum of Gas Exporting Countries (FPEG) held in the Bolivian city of Santa Cruz, Maduro said that the cut in production triggered the prices of crude oil after 30 months of "the most prolonged and dramatic manipulation" that has been known in decades to cause a fall in prices.

For its part, the Minister of Hydrocarbons of Ecuador, Carlos Perez, recently announced that he will attend the meeting on Thursday with the intention of "supporting what OPEC decides".

"OPEC's approach continues to be to maintain the restrictions of the production so that the supply is within reasonable numbers, in such a way that it improves the price of oil, "the minister said at a press conference in Quito.

Until now, the producers have not determined a goal for the value of the barrel, because the challenge is to achieve a higher level, but not so much as to encourage a new boom in the rival offer, especially that of the American shale oil, and / or the brake of the world situation and, therefore, of the demand.

Thus, they affirm that the objective is a drainage of the inventories of crude until they return to the average level of the last five years, and estimate that they are halfway to reaching that goal.

According to the calculations published by OPEC this month, between January and September those reserves stored in the industrialized countries fell by 183 million barrels, but continue to exceed the desired level by 154 million barrels. barrels.

Faced with this situation, everything indicates that producers will keep their supplies reduced.

"Most members support the extension of the plan, but the decision The final should be taken at the next OPEC meeting, "Iranian Minister of Petroleum Biyan Zanganeh was quoted as saying by the official IRNA news agency in Tehran six days ago.

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