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Oil, galvanized by OPEC +, reaches new heights

2021-10-05T16:58:24.938Z


During the Opec + flash summit, producers renewed their strategy of slowly opening the black gold tap.


Oil prices hit new multi-year highs on Tuesday the day after a flash OPEC + high that saw producers renew their strategy of slowly opening the black gold tap.

At around 2:35 p.m. GMT, the price of a barrel of North Sea Brent for December delivery was up 2.03% from the previous day's close, at $ 82.91 in London.

Read also "The Rockefellers, from black gold to green energies"

In New York, a barrel of WTI for the month of November gained 1.98% to 79.16 dollars.

The two benchmark contracts had just reached $ 82.98 and $ 79.22 per barrel respectively, a first for Brent since October 2018 and for WTI since November 2014. “

The confirmation of an offer cap by Opec + encourages the buying frenzy

, ”said Louise Dickson, Rystad analyst.

The alliance made up of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) and ten allies has indeed "

confirmed the upward adjustment of the overall monthly production of 400,000 barrels per day for November

".

If this decision is the logical continuation of the policy of the alliance decided in July, it nonetheless took the market by surprise since it “

was adopted despite calls for a more significant increase in production in a context of growing global energy shortage

, ”noted Lukman Otunuga of FXTM.

"

Although the surge in oil prices is good news for OPEC +, the cartel policy threatens to increase tensions between major energy consumers, especially those facing high inflation,

" continues. he.

To read also Oil: "In the land of black gold"

But that risk has been put aside, at least for now.

Saudi public television El-Ekhbariya welcomed Tuesday the "

Saudi leadership within OPEC

" which has "

remarkably overcome the collapse of prices in 2020 due to the pandemic and low demand for oil

".

Alliance members have agreed to meet again on November 4.

Source: lefigaro

All business articles on 2021-10-05

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