Oil prices rise prior to OPEC + conference

Crude oil storage tanks can be seen from above at the Cushing Oil Hub in Cushing, Oklahoma, March 24, 2016. (Nick Oxford / Reuters)

London — Thursday oil prices have risen. This is underpinned by expectations that OPEC and its allies will slow production growth, despite the US and large importers demanding additional supplies to lower prices.

By 0940 GMT, Brent crude oil rose 94 cents (1.2%) to $ 82.93 a barrel, and US West Texas intermediate crude oil rose 62 cents (0.8%) to $ 81.48.

The Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia (a group known as OPEC +), meet later Thursday to reaffirm their plans to maintain monthly supply growth at 400,000 barrels (bpd) per day. intend to do something.

“So far this week, oil prices have been trading in a narrow range, and investors may succumb to the pressure OPEC + to add crude oil to the global oil market, and the Federal Reserve’s policy meeting. We appreciate the possibility of succumbing to deliberations from the Fed, “said a survey of emerging markets at MUFG.

Citi analysts said OPEC + is likely to stick to current policies, despite pressure from oil importers.

“The majority of OPEC + members cannot increase production from current levels,” the bank said in a memo, noting that even Saudi Arabia needs to pay attention to the ongoing uncertainty about the COVID-19 pandemic. He added that he emphasized.

Oil prices were previously in the negative territory after Iran and six world powers agreed to resume negotiations on November 29 to revive the 2015 agreement on Iran’s nuclear program. .. Iran has demanded that the United States withdraw sanctions restricting oil exports.

Both benchmarks recorded the largest daily percentage decline since early August, after weekly inventory data from the US Energy Information Administration showed a larger than expected rise in crude oil inventories last week on Wednesday.

By Bozorgmehr Sharafedin