Biden asks for more oil in the market but OPEC will continue with its gradual increase plan

After the decision, the price of a barrel of Brent crude rose 0.78%, above 82 dollars and the WTI (USA), 0.35%, up 81 dollars.

biden

The ministers of the Organization of the Petroleum Exporting Countries (OPEC) and the representatives of the allied producers, led by Russia, which together form the so-called OPEC +, have agreed to go ahead with the gradual increase in the supply of crude. This is what was contemplated in the roadmap agreed last July. A decision that contrasts with the call of the President of the United States, Joe Biden, for a greater increase in pumping.

With their decision on Thursday, the OPEC + ministers have ratified the roadmap for the rebalancing of the oil markets agreed at the summit held last July. Then established a monthly increase of 400,000 barrels until eliminating the adjustment of 5.8 million barrels per day implemented a year ago in response to the crisis due to the coronavirus pandemic.

After a brief meeting by videoconference, the ministers have decided to “reconfirm the production adjustment plan and the monthly adjustment mechanism approved in the XIX OPEC Ministerial Meeting and not OPEC and the decision to adjust up the general monthly production by 0.4 million barrels per day in the month of December ”.

The OPEC countries and the producers outside the cartel have confirmed that they will meet again on December 2.

After the OPEC + decision was known, the price of a barrel of Brent crude, a reference for Europe, remained above 82 dollars, with an increase of 0.78%, while WTI crude, a reference for States United, traded above 81 dollars, with a revaluation of 0.35% in the session.