RT.com
25 Nov 2021, 14:44 GMT+10
OPEC and Russia are mulling a pause in the previously agreed on increase in oil production after Washington's announcement of the release of strategic crude reserves, media reports say.
According to the Wall Street Journal, citing sources familiar with the talks, other members of the Organization of the Petroleum Exporting Countries (OPEC) do not see the pause as necessary. The United Arab Emirates and Kuwait are reportedly among the latter.
Saudi Arabia, the largest OPEC producer, and Russia have been at the helm of the effort to stabilize the oil supply on the global market during the Covid-19 pandemic recovery. OPEC, Russia, and a number of other oil-producing states struck a long-term deal earlier this year to boost their collective oil output by 400,000 barrels a day each month through next year, until they reach pre-pandemic production levels, which was slashed at the height of the pandemic to battle oversupply.
The US said on Tuesday it would release 50 million barrels of oil from its strategic reserves to curb rising gasoline prices, in a coordinated move with a number of other major oil consumers, including Japan, the UK, India, China, and South Korea. All of them, except for China, also announced the release of reserves at varying volumes. However, the plan is seen by some as an empty gesture, as its proposed volume equals roughly one day's worth of global demand for crude.
Washington's move came after repeated attempts to pressure OPEC and allies to increase production over the agreed to level. The group argued that it would result in oversupply, and has stuck to its plan so far.
OPEC+ agreed to meet monthly to assess the oil supply-demand correlation and adjust the output boost policy if necessary. They are scheduled to meet next week.
The US' efforts have not borne fruit so far. After slightly dropping on news of the release of reserves on Tuesday, oil resumed its upward trend. Brent crude was up 15 cents at $82.40 a barrel early on Thursday, while US crude benchmark West Texas Intermediate was also trading higher at $78.41 a barrel, as of 06:26 GMT.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Afghanistan Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Afghanistan Sun.
More InformationBRUSSELS, Belgium: The United States has withdrawn from the board of a U.N. climate fund designed to help poor countries deal with...
NEW YORK CITY, New York - A student of Columbia University, arrested for protesting against the carnage in Gaza, has been moved out...
LOS ANGELES, California: Los Angeles County, Pasadena, and other public agencies have sued Edison International and its subsidiary,...
WASHINGTON, D.C.: According to a report in the Wall Street Journal, former President Donald Trump is planning to sign an order to shut...
Already under siege, the heavily-blockaded Gaza Strip, housing more than two million displaced people, as well as the remaining Israeli...
WASHINGTON, D.C.: U.S. Secretary of State Marco Rubio has announced new visa restrictions. The policy will apply to foreign government...
People wait to break their fast during the holy month of Ramadan at a mosque in Kabul, capital of Afghanistan, March 9, 2025. (Saifurahman...
Tokmok [Kyrgyzstan], March 10 (ANI): The opening ceremony of the Joint Military Exercise Khanjar-XII, between special forces of India...
New York [US], March 10 (ANI): US President Donald Trump has sounded the alarm on nuclear dangers, warning that they pose a far greater...
(Photo credit: Taya Gray/The Desert Sun / USA TODAY NETWORK via Imagn Images) No. 2 seed Iga Swiatek of Poland and No. 4 seed Jessica...
Panama City — After weeks of lawsuits and human rights criticism, Panama on Saturday released dozens of migrants who were held for...
Karachi [Pakistan], March 10 (ANI): At least six people, including women and children, were killed after the roof of their house collapsed...