A sudden shift in oil prices… after news of the OPEC + plan by Investing.com

A sudden shift in oil prices… after news of the OPEC + plan by Investing.com
A sudden shift in oil prices… after news of the OPEC + plan by Investing.com

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Investing.com – It suddenly turned bullish after falling in early trading, today, Tuesday, and the sudden shift in prices came after news about the directions of OPEC + at the meeting to be held early next month.

OPEC delegates said today, according to Reuters and Bloomberg, that they expect the Committee of Ministers to maintain the status quo, while awaiting clarification on the recovery in consumption in China and the impact of sanctions on Russian supplies.

OPEC+ is watching the full impact of EU sanctions on Russia, as measures targeting its sales of crude oil took effect in December.

Restrictions on its trade in refined products will also be implemented next month, but Russian shipments have shown resilience so far.

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Direction to install production

Five sources in the OPEC + group said today, Tuesday, that the Joint Ministerial Monitoring Committee is likely to maintain the current oil policy of the group at its scheduled meeting next week.

OPEC + directions come after oil prices rose, supported by hopes for a recovery in Chinese demand.

Ministers from the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia, are scheduled to meet on February 1.

Although the committee’s last meeting opened up the possibility for the JMMC to convene a full meeting of the group if needed, “I don’t expect any changes,” said one of the sources.

Prices now

US crude prices rose during these moments from trading today, Tuesday, by 0.8%, to levels near 82.5, with gains in the range of $0.7 per barrel.

During these moments, the benchmark increased from today’s trading to levels near $89 per barrel, with gains in the range of $0.5 per barrel, an increase of 0.55%.

The market is in early trading

Oil prices fell in early trading today, with Brent crude falling 0.29%, or 26 cents, at $87.93 a barrel.

On the other hand, the price of US light crude, Nymex crude, fell 0.17%, or 14 cents, at $81.48 a barrel.

This came after oil prices rose over the past two weeks supported by optimism that China’s rapid shift towards restarting the economy could boost daily oil consumption.

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Cautious optimism

The top OPEC official said he was cautiously optimistic about the outlook for the global economy, as recovering oil demand in China offsets signs of weakness elsewhere.

OPEC Secretary-General Haitham Al-Ghais said that China is a great economic power, and there are good signs, as it ends the closures related to Covid-19.

Al-Ghais, Secretary-General of OPEC, added that the group of oil-producing countries will do whatever is necessary “to maintain the balance of global crude markets.”

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The article is in Arabic

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