Despite the estimates of possible falls for Brent and WTI, the behavior of the market brings them back to US $ 80. Thus, OPEC + producers, which include members of the Organization of the Petroleum Exporting Countries along with Russia and others, agreed to add another 400,000 barrels a day of supply in February, as they have done every month since August.
Notably, on Monday, the United States reported nearly a million new coronavirus infections, the highest daily number of any country in the world and nearly double the previous US peak set a week earlier. While its lethality is lower than previous strains, the highly contagious Omicron variant shows no signs of slowing down.
And although OPEC + raised its production target, it is likely to have a difficult time reaching it, as some members, such as Nigeria, Angola and Libya, have difficulties increasing production, according to Barclays analysts in a note, as reported by Reuters.
An increase in production “should also allow to preserve cohesion between the main members of the alliance, putting an end to the political drama that has marked the key meetings in the recent past,” Han Tan, an expert at Exinity, had commented before the meeting.
Source From: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
