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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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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Toyota launches “family hybrid van” with 7 or 8 seats, 1.8 hybrid engine, fuel consumption of up to 23.8 km/l, and a price equivalent to about R$ 104,000 without taxes, below the Tiggo 8 Pro Plug-in Hybrid sold in Brazil: meet the Noah Hybrid 2026 in Japan.

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