The end of November it´s finally giving oil prices a break. After the last weeks where the market reached its all-time highs since March, prior to the collapse by covid-19, the month ends with a new correction. Oil-producing countries, grouped in OPEC + Russia, are holding meetings to define what the forecast will be for 2021. Before the existing panorama of restrictions and confinements, is it increasing production or not?.
Carolina Giudici Content Manager
Last April, they decided to cut production to mitigate the effects of the decrease in demand caused by the pandemic. The reduction had been established in stages, the last being in January 2021 and whose value would remain until April 2022.
Today, the OPEC countries agreed to reduce production by 2 million a day starting in January and for three months. In other words, the daily production would be 7.7 million barrels of oil per day. However, the meetings will persist into tomorrow to convince partner countries.
Although the meetings and the final decision will be made on Tuesday, December 1, as stated by the Russian state news agency (TASS), between Russia and Saudi Arabia, would agree not to increase production.
Today´s opening market for the BRENT have fallen to $ 47.7 USD per barrel of oil. Regarding the WTI, the value has fallen to $ 45.3 USD per barrel (Last consulted hour 10.45 GMT-3). Last week -and especially the last month-, the values began their ascent around $ 48 usd and $ 46 usd a barrel respectively, placing themselves in a recovery scenario due to the hopes of the effectiveness of the vaccine and driven by the increase in the industrial production of China, a major importer of the commodity.
It is expected new highs in tomorrow´s opening market.
WTI = Above 44.50 to 45.0 and 45.80 levels
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