OPEC +: Expected to keep oil production levels unchanged despite international pressure

Oil prices have reached higher levels since 2014 and crude oil importing countries are feeling the effects. But despite international pressure, OPEC and its allies are unlikely to decide to turn on the taps during the meeting today Thursday.

According to CNBC, this probably means that high energy prices will continue until the end of 2021 and most likely in 2022, analysts say.

“At the moment, we still believe that OPEC + members remain in favor of maintaining a tight oil market, taking advantage of high prices,” said Edward Bell, chief financial officer at Dubai-based Emirates NBD.

US President Joe Biden has blamed OPEC + members for their reluctance to pump more oil. “The idea that Russia and Saudi Arabia and other big producers are not going to pump more oil so that people can have gasoline to get to and from work, for example, is not right,” Biden told Sunday at the G-20 meeting in Rome. Japan and India are also trying to pressure OPEC to increase production levels to reduce energy prices.

So far, the policy pursued since August to gradually increase oil production by 400,000 barrels per day each month is considered right by OPEC members and its allies, including Russia. The program “works well and there is no reason to deviate from it,” Angolan Oil Minister Diamantino Pedro Azevedo said on Sunday.

Kuwait also said Monday that the agency must stick to its current plan because oil markets are “well balanced”. Similar statements were made by other OPEC members such as Iraq, Nigeria and Algeria.

According to CNBC, Brent surpassed $ 86 a barrel at the end of October, reaching a three-year high and has risen more than 60% this year alone. US crude rose more than 70% this year to seven-year highs recently reaching $ 85 a barrel.