OPEC+ Increased Production By 100,000 Barrels Per Day, Though The U.S. Likely Expected A Larger Increase

Written by Paulo Nogueira

Published on 05/08/2022 at 08:36

Updated on 05/08/2022 at 08:40

Fonte: TeleSUR

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Comment by Noah Barrett, Research Analyst for Energy and Utilities at Janus Henderson Investors, Regarding Today’s OPEC Meeting

It was a fairly quick meeting of the OPEC+ today, with an outcome that should support oil prices. OPEC+ agreed to increase production by 100k b/d in September, and the increase will be shared among member countries.

Given that some countries are currently underproducing their quotas, this means they may not be able to fulfill their part of the 100kb/d increase in September. Therefore, while we see an increase of 100kb/d (which is quite small), the actual increase in supply may be even lower than that.

The U.S. likely expected a larger increase in production, especially following Biden’s recent trip to the Middle East. In terms of overall supply/demand management, OPEC’s decision makes sense.

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Paulo Nogueira

There is still significant uncertainty about oil demand in the middle of this year, driven by concerns around Chinese demand and the potential for an American or even global recession. Additionally, excess capacity remains tight; OPEC’s press release categorized the availability of excess capacity as “severely limited”, which also constrains OPEC’s ability to bring an increased supply of material to the market.

Source: Sherlock Communications | Via Miguel Piñeiro Rodríguez

OPEC+ Increased Production By 100,000 Barrels Per Day, Though The U.S. Likely Expected A Larger Increase

Comment by Noah Barrett, Research Analyst for Energy and Utilities at Janus Henderson Investors, Regarding Today’s OPEC Meeting

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OPEC+ Increased Production By 100,000 Barrels Per Day, Though The U.S. Likely Expected A Larger Increase

Comment by Noah Barrett, Research Analyst for Energy and Utilities at Janus Henderson Investors, Regarding Today’s OPEC Meeting

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Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

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