Saturday , February 4 2023

Oil sales have advanced in OPEC 20 meetings, but beware of markets – Al-Manar television – Lebanon



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Oil prices were made on Wednesday at the Oil Opportunities Association (OPEC) meeting on Wednesday, with members planning to decide on some production cuts.

Brent crude rose 44 cents, or 0.7%, $ 60.65 per month at 0148 GMT.

West Texas The average gross income was $ 51.88 a year after rising 32 cents or 0.6%.

Despite rising Wednesday, oil prices have dropped by more than 30% since the beginning of October, with excessive supply and large-scale financial markets under pressure.

The drop in prices from October onwards is a fall of 2008, but lower than in 2015/2014.

OPEC fills in Vienna on December 6 to discuss production policy with external producers, including Russia.

Saudi Arabia decreased its production in November, saying the sector's source of 11.1-11.3 million bpd on Monday.

But the cuts in the production of the kingdom are being cut, and OPEC and its allies are discussing a proposal that cut 1.4 million bpd.

The OPEC meeting is followed by a summit on the heads of the G-20 in Buenos Aires, on November 30 and December 1, on its agenda, a war between trade and oil policy between Washington and Beijing.

While analysts are most hoping for an OPEC meeting to achieve a cut-off, the negative feelings in oil markets remain.

"Traders are still focusing their options on reducing negative risks after a 30% reduction in WTI," said Eric Norland, CME chief economist, in a research note.

With regard to global markets, building a debt and debt trade as a result of the US-Chinese trade conflict and the dollar's strength will create new pressure markets.

"Trade growth will continue to slow down in the fourth quarter of 2018," the latest forecast announced Tuesday by the World Trade Organization on the slowest pace of October 2016 growth.

Source: Reuters

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