Despite the recent surge in oil prices
According to insiders, the major oil exporters are still tending to extend the current production restrictions. The latest price hike will not change that, said several people familiar with the matter on Wednesday. “It looks like an extension is needed,” said one of them. The reason are possible price drops and declines in demand as a result of the current coronavirus restrictions.
Originally, the OPEC + country group, which includes the members of the export cartel and other producing countries such as Russia, wanted to increase production by two million barrels per day from January.
Thanks to success in developing a coronavirus vaccine, the crude oil variety Brent from the North Sea and the US variety WTI have each increased in price by almost 30 percent in recent weeks. At 48.75 dollars (41.09 euros) and 45.72 dollars per barrel (159 liters), the two futures contracts were as expensive as they were nine months ago. Analysts therefore expect that some members of the cartel could protest against an extension of the subsidy restrictions.
An OPEC oil ministers' meeting is planned for November 30, and an OPEC + meeting for the following day (December 1).
