Opec+ Members Likely To Hold Firm On Slow Oil Output, Despite International Pressure

  • Posted on November 04, 2021
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Oil prices have hit their highest levels since 2014, and crude importing countries are feeling the pain. But despite diplomatic pressure, OPEC and its allies are unlikely to decide to open up the taps during the oil cartel’s meeting on Thursday.That likely means continued high energy prices through the end of this year and potentially into 2022, analysts say.“For now, we still expect to see OPEC+ members remain in favor of keeping oil markets tight, taking advantage of the elevated prices to improve fiscal accounts,” Edward Bell, senior director of market economics at Dubai-based bank Emirates NBD, wrote in a note Wednesday.President Joe Biden squarely blamed the reluctance of OPEC+ to pump more oil for the sharp rise in energy prices in the U.S. and around the world.“The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not right,” Biden said Sunday at the G-20 meeting in Rome, Italy.cnbc.com

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