Despite the war in Ukraine, which pushes the rising energy rates, the 23 OPEC + countries refused, Wednesday, March 2, to significantly increase their black gold production, particularly in Reason for the Russian opposition.
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Object of all worries, the price of the barrel is still growing. In recent months, oil prices had already resumed their rise as a result of the economic recovery and a revimorated demand. Since February 24, the invasion of Ukraine by the Russian army is also reflected in the energy sector. “Current volatility is not caused by changes in market fundamentals, but by current geopolitical developments”, thus estimated the organization of oil exporting countries (OPEC), Wednesday, March 2nd.
That day, the barrel of Brent of the North Sea has finished at the highest since 2014: 114 dollars (102.70 euros), + 8% compared to the day before. These percentages have direct consequences for the population: in France, road fuels have already brought peaks during the previous week, reaching 1,7415 euro on average the liter of diesel.
In this context, increase the production of black gold would contribute to lowering pressure on prices. But for the month of April, under the impetus of Saudi Arabia and Russia, respectively first and second largest oil exporter, OPEC and its allies will continue to stick to their modest objective since the Summer 2021: On-the-stored dropper of 400,000 additional barrels a day at most. This informal alliance of 23 countries, called OPEP +, represents more than half of the world oil offer – which was 99 million daily barrels in January.
Saudis between the United States and Russia
Depending on the screenings, the cartel has a margin. It could put in circulation 4.3 million barrels per day, of which 2 million from Saudi Arabia – knowing that the lifting of the embargo on Iran would bring an additional margin of a million barrels. However, some members show a “chronic” disability to honor their production goals. If this gap persists, “supply tensions will increase, thus more likely a situation of volatility and rising pressure on prices,” the International Energy Agency (IEA), from February 11 .
The current situation places the Saudis in a “difficult, between the United States, traditional support, and Russia, rising power in the Middle East,” recalls Olivier Appert, Advisor at the Energy and Climate Center of the Institute French international relations. The Americans, who are outside the Alliance, demand for months a more significant enhancement. Without effect.
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