OPEC and Russia meet to adjust crude oil supplies – El Periodico de la Energía

The Organization of Petroleum Exporting Countries (OPEC) and its ten independent allies, including Russia, They are holding a ministerial conference call today to decide whether to go ahead with their plan to increase pumping by 400,000 in April. barrels per day of crude oil.

This routine and monthly meeting takes place in the midst of the Russian invasion of Ukraine, It has disrupted global energy markets, sending oil and gas prices to levels not seen since 2014.

A barrel of Brent crude rose 6.3% on Tuesday, closing in the London market at $111.59, while Texas Intermediate (WTI) oil in New York closed at $103.41, up 8% from the end of Monday.

These rises highlighted the upward trend that the “black gold” had been recording for months, which led to the recovery of global energy demand after the crisis caused by the Corona virus.

The war in Ukraine and heavy sanctions imposed by the West on Moscow exacerbated the situation, raising fears of a cut in supplies.

Russia is one of the three largest oil producing countries in the world (along with United States of America And the Kingdom Saudi Arabia) and the largest supplier of gas.

Despite the difficult situation, the alliance formed by 13 OPEC countries and 10 independent countries, which was formed in 2016, is not expected to change the moderate increase plan applied since August last year, and is limited to giving it the green light. The planned increase of 400,000 barrels per day.

In order to avoid supply problems, the International Energy Agency (IEA) Yesterday it agreed to release 60 million barrels of oil, 4 percent of its members’ strategic reserves globally.