(Finance) – After the sharp drops of the last two sessions, the price of crude oil starts to rise againon the eve of a OPEC + meeting (the expanded formation of the cartel of oil producing countries) which may not lead to a further increase in the supply of crude oil, due to fears that a possible global recession could limit energy demand. In the last few hours, the unknown of deterioration of relations between the US and Chinadue to the visit to Taiwan by the President of the United States House of Representatives Pelosi.
OPEC and its allies have not made clear their intentions for tomorrow’s meeting, particularly with regard to production quotas for September. The surplus could be downgraded to 800,000 barrels per day by 2022 compared to 1 million barrels per day in the latest analysis before the group meeting on June 30, according to a market report released by the OPEC secretariat to delegates and visa. by S&P Global Commodity Insights.
At 19.50 Italian time, crude oil futures Brent in October 2022 reached $ 101.65 a barrel, up $ 1.54 or 1.50%. US crude oil futures West Texas Intermediate (WTI) for September 2022 are trading up $ 1.52, or 1.68%, to $ 95.47 a barrel.
“A substantial change in policy supply of OPEC + it would be amazing – commented Noah Barrett, Janus Henderson Research Analyst – Several members of the body are producing less of their allowances, which suggests a real inability to increase supply. The reserve capacity is actually found in two countries (Saudi Arabia and the United Arab Emirates) and it is unclear how willing they are to increase production. With Brent prices down from all-time highs, it is there is likely to be less urgency to bring the additional barrels back to marketeven if countries like the United States have asked Saudi Arabia to increase the offer. “
Meanwhile, according to the Financial Times, the United States, the European Union and Great Britain are in fact holding back on their intentions a ban on Russia’s oil supplies. In fact, they would have postponed the ouster of Russian crude oil from the maritime transport insurance market at least until next year, fearing problems over global supplies and energy security, writes the British newspaper.