Mohakeme

Main Menu

  • Home
  • Iranian news
  • Tehran
  • Iran finance
  • Iran economy
  • Lending

Mohakeme

Header Banner

Mohakeme

  • Home
  • Iranian news
  • Tehran
  • Iran finance
  • Iran economy
  • Lending
Iran finance
Home›Iran finance›OPEC + will drive up oil prices in coming months, says Vitol

OPEC + will drive up oil prices in coming months, says Vitol

By Ninfa ALong
October 3, 2021
0
0


(Bloomberg) –

Bloomberg’s Most Read

The production policy of the OPEC + cartel will be the main factor influencing oil prices in the coming months, according to Vitol Group.

Iranian barrels are unlikely to return to world markets this year, and U.S. shale producers are not investing enough to quickly ramp up production, according to the world’s largest independent oil trader.

“Price control is largely in the hands of OPEC +,” Mike Muller, Asia manager at Vitol, told a webinar hosted by Dubai-based consultancy Gulf Intelligence on Sunday. In the United States, “the number of rigs is just not there for production to catch up with a catch-up that would be necessary if you needed additional oil.”

The Organization of the Petroleum Exporting Countries and its partners – a group of 23 countries led by Saudi Arabia and Russia – are meeting on Monday. With Brent crude topping $ 80 a barrel last week for the first time since 2018, some traders and the White House have called on OPEC + to announce faster-than-expected production increases.

The group is gradually easing the cuts that began as the coronavirus pandemic ravaged energy markets last year. He previously signaled that he would increase daily production by 400,000 barrels over the next few months.

A shortage of natural gas in Europe has exacerbated the tightening of the oil market, forcing companies to turn to crude for power generation.

Some OPEC + members are giving the impression that they are not worried that oil above $ 80 will dampen demand, Muller said.

They “want to make a good chunk of the money before the competition kicks in” from Iran or the United States, he said.

Bloomberg Businessweek Most Read

© 2021 Bloomberg LP


Related posts:

  1. The “ Zangezur corridor ” is a geo-economic revolution
  2. 7 places where you should always wear a mask
  3. Media Advisory – Premier’s Itinerary for Monday, May 17, 2021
  4. Iran makes great strides in developing free trade and special economic zones

Categories

  • Iran economy
  • Iran finance
  • Iranian news
  • Lending
  • Tehran

Recent Posts

  • Raising awareness of the glory of Hamedan neglected for years: an expert
  • Reviews | On Iran, Biden should reverse Trump’s imaginary political art
  • Death toll reaches 10 in building collapse in southwest Iran
  • Iranian Revolutionary Guard colonel shot dead in Tehran
  • Tehran and Riyadh can play a complementary role in promoting regional security and stability
  • Privacy Policy
  • Terms and Conditions