OGV Energy - Issue 51 - December 2021 - Risk Management & Wellbeing

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By Tsvetana Paraskova

The OPEC+ group dominated by Middle Eastern oil producers decided in early November to add 400,000 barrels per day (bpd) to its monthly production in December, ignoring calls from the US Administration and other major consuming nations to boost supply more to tame high oil and petrol prices that could slow the global economic recovery.

The leader of OPEC+, Saudi Arabia, raised by more than expected its official selling prices (OSPs) for December loadings, in a move suggesting that the largest crude oil exporter in the world believed the market would continue to tighten by the end of this year. The OPEC+ alliance, however, continues to pump below its target as several members of OPEC from Africa are struggling to raise production. While the OPEC+ producers look to guide the oil market to balance in a still uncertain macroeconomic situation, the International Energy Agency (IEA) urged Middle Eastern producers to speed up clean energy transition efforts.

www.ogv.energy I December 2021

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