Brent oil surpassed $ 80 for the first time in 6 weeks

Brent oil surpassed $ 80 for the first time in 6 weeks

OPEC + has agreed to maintain its forecast increase in oil production for February, four sources from the group told Reuters. Despite requests from the US, the group has said the market is balanced and does not need more oil.

It is worth remembering that the entity that groups the Organization of Petroleum Exporting Countries (OPEC) and allied producers, including Russia, has raised its production target each month since August by 400,000 barrels per day (bpd).

However, analysts say the group may have to change tack if the tension between the West and Russia over Ukraine escalates and affects fuel supplies, or if Iran’s nuclear talks with major powers advance, ultimately leading to an end. of the oil sanctions on the Islamic Republic.

“We believe that these two events represent big wild cards that could rapidly alter the price trajectory and put OPEC’s rapid response mechanism to the test,” RBC analysts said in a note.

The United States reported nearly a million new coronavirus cases on Monday, according to a Reuters tally, a world record that nearly doubles the previous high of 505,109, set just a week ago. While its lethality is lower than previous strains, the highly contagious Omicron variant shows no signs of slowing down.

Source From: Ambito

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