Bulletin: 151

Date:     October 7, 2022

OPEC+ SURPRISES WITH THE ANNOUNCEMENT OF A GREATER CUT IN OIL PRODUCTION.

At the meeting held on the 5th, OPEC+ announced a reduction in daily production of 2 million barrels, with which production will go from 43.856 million to 41.856 million. This decrease will take place from November 1.

As we reported in our previous bulletin, the United States was against the reduction and proposed the opposite, however, OPEC + led by Russia has decided on a drastic reduction to stop the deterioration in the price of crude oil.

The United States has made the decision to close its oil exports in order to try to curb the negative effects of the OPEC+ decision

Although the average price of Brent oil in September was 90.23 USD per barrel, at the time of writing this bulletin it has already reached a maximum of 95 USD per barrel.

Since the beginning of October, its price has not stopped rising and each day has exceeded the previous day.

If the current trend continues, it will soon exceed 100 USD per barrel.

This reduction in production and the consequent rise in prices affects Europe very directly, given the total dependence on crude oil imports, which will also be affected by the loss of competitiveness of the euro against the dollar.

Of course, all oil-derived commodities will be greatly affected by the cuts and by price.

 

 

 

 

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