International report: OPEC maintained the cohesion of the oil market

A report by “World Oil” expected that “OPEC” and its allies will continue to move forward with the plan to revive oil production when they meet on Wednesday, in light of the recovery in prices from stumbling by more than 11% during the past week.

He said that the accurate and successful management of the oil market by the “OPEC +” alliance led to keeping prices high enough to support the revival of the global oil industry, and to avoid a significant rise in prices that might threaten the economic recovery in the world.

He explained that the coalition led by Saudi Arabia and Russia is gradually seeking to restore the amount that stopped production of crude oil during the height of the epidemic crisis, and it is likely that the meeting will approve pumping the second monthly batch of increases amounting to 400,000 barrels per day on a monthly basis.

He pointed out that many traders, analysts and representatives of “OPEC +” expected to proceed with adding the monthly production increases that had been agreed upon, pointing out that the crude markets stumbled earlier this month, due to the mutations of Corona.

He pointed out that doubts about the global economy have faded and growth in China has largely recovered, and “OPEC +” is likely to adhere to the plan, explaining that the group has already restarted nearly 45% of the unprecedented production volume that was closed last spring.

He pointed to the recovery of the futures contracts for Brent crude – an international standard – to $ 72, noting the assertion of international analysts that the Chinese government is controlling the latest outbreak of the pandemic, as well.

It adheres to the current plan and affirms its ability and readiness to adapt to the developments of the situation in the global oil market.

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