Africa-Press – Eswatini. The 13 members of the Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its 10 partners, led by Russia, meet today for a monthly meeting devoted to easing production cuts.
Barrel prices have risen sharply since the beginning of the Russian invasion of Ukraine, touching on March 7 the historical records of the two qualities that serve as a reference in the international market, Brent ($139.13) and the North American West Texas Intermediate, or WTI ($130.50).
On Tuesday, prices fell by more than five percent, in reaction to the progress announced in negotiations between Russians and Ukrainians, in the latest sign of the volatility of crude prices.
But OPEC+, an alliance created in 2016 to regulate the market, should not deviate from the strategy of modestly increasing production, analysts hope.
In this context, both Riyadh and Moscow win, ignoring the claims of the Group of 7 countries (G7 – Germany, Canada, United States, France, Italy, Japan and the United Kingdom), which recently appealed to producer countries to increase supplies.
The International Energy Agency (IEA) has also called on OPEC+ to be “on the good side”, hoping that today’s meeting will allow the market to “relieve”.
More than any other member of the cartel, the Saudis, the world’s leading oil exporters, “have no interest in increasing production, because they benefit from high oil prices and strong demand, noted an analyst quoted by Lusa yesterday. hand, do not want to separate from the Russian Federation.
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