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OPEC predicted a surplus of oil on the market due to the “listing” of reserves – RBK

Following the USA on the sale of part of the oil reserves announced Japan. Prime Minister Fumio Kishida did not specify when and to what extent the reserves will be sold.

Yonhap News Agency Citing Joint Statement by Energy and Foreign Ministries reportedthat South Korea also decided, at the suggestion of the United States, to free up oil reserves. The timing and volume of “unsealing” of stocks will be established after negotiations on this topic with the United States and other countries.

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Ministry of Petroleum and Natural Gas of India reported the intention to release 5 million barrels. oil from reserves “simultaneously and in agreement with other major energy consumers, including the United States, China, Japan and the Republic of Korea.”

Chinese Foreign Ministry spokesman Zhao Lijian said at a briefing on Wednesday that the Chinese side will also organize the release of oil from reserves “in accordance with its real needs,” transfers Interfax… A spokesman for the department did not specify whether the stocks will be “unsealed” in coordination with the United States.

As reported TASS spokesman for the UK Department for Business, Energy and Industrial Strategy, the government will allow the country’s companies to voluntarily release up to 1.5 million barrels from reserves. oil.


US asked OPEC to increase oil production

Photo: Kyle Grillot / Bloomberg

How reported Bloomberg, OPEC + officials are preparing a response to the release of oil reserves by consumer countries, since they do not consider such a measure to be justified.

By data The Wall Street Journal, Russia and Saudi Arabia may suspend planned increases in production following the announcement by the United States and other countries of the planned sale of oil from strategic reserves.

Previously, exporting countries included in the OPEC + agreement, did not accelerate the increase in oil production, although to such a step called on USA. In December, production will grow by 400 barrels. per day, as planned.

OPEC + countries have been jointly regulating oil production since 2017. The production cut deal ended in March 2020 when Saudi Arabia and Russia were unable to agree on further production volumes. Oil prices fell by almost 30%.

In May 2020, oil producers agreed to cut production by a record 9.7 million barrels. per day. Now this number is gradually decreasing. OPEC + ministers meet every month to decide on the production level.

The next meeting of the OPEC + participants will be held on December 1-2. The ministers will discuss the production level for January 2022.

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