OPEC+ representatives consider the drop in oil prices to be financial – #OPEC #representatives #drop #oil #prices #financial
LONDON/DUBAI, March 16 (Reuters) – OPEC+ oil prices fell to their lowest level in more than a year this week, demanding offer not any imbalance between, but explains it with financial fears and expects the market to stabilize, four representatives told Reuters from the group of oil producers.
Brent oil fell to a 15-month low on Wednesday bank It fell below 72 dollars per barrel due to concerns about the contagion of the crisis. Crude oil steadied after Credit Suisse was thrown a financial lifeline by Swiss regulators on Thursday.
“This is purely financial and has nothing to do with the supply and demand of oil,” said one of the representatives, who did not want to be named. OPEC+ expects the situation to “normalize soon” and is “likely to wait and see.”
Organization of Petroleum Exporting Countries (OPEC), Russia and three other representatives of the OPEC+ production group of other allies made similar statements.
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The comments will dampen any speculation that OPEC+ is worried about weakening prices and may consider taking further steps to support the market. The next of the group political meeting is not until June, although an advisory panel of key ministers meets on April 3.
OPEC’s latest monthly oil market report, released on Tuesday with an improved demand forecast for China, showed demand and offer indicates a healthy balance between
“We are focusing on market fundamentals,” said one of the sources.
Last November, as prices weakened, OPEC+ cut its output target by 2 million barrels per day – a 2020This is the largest drop since the early days of the COVID-19 pandemic. The same reduction applies for the whole of 2023.
This week, ministers from Algeria and Kuwait praised the decision, and Saudi Arabia’s energy minister told Energy Intelligence that OPEC+ would stick to the reduced target until the end of the year.
Reporting by Alex Lawler, Rowena Edwards and Maha El Dahan Editing by David Goodman
Our standards: Thomson Reuters Trust Principles.
2023-03-16 17:44:48
Source – reuters
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