OPEC+ countries keep one foot on the brake – Libération

For fear of causing crude prices to fall, the cartel decided on Thursday, December 5, to delay, for the third time, an increase in its production.

The OPEC+ countries continue their headlong rush. The Organization has just decided, during its ministerial meeting on December 5, to once again postpone the relaunch of its oil production, now reduced by 2.2 million barrels per day. A “precaution” taken by the group “in order to support the stability and balance of oil markets”, he says in a press release. This is the third time that he has postponed this measure, faced with the drop in Chinese demand and the abundance of supply from the American continent. And despite production cuts, the cartel member countries, which control more than 70% of proven crude reserves and supply the markets with nearly 40% of the world’s oil, are unable to raise prices. Brent futures are trading today at nearly $73 per barrel, while West Texas Intermediate (WTI) remains below $70.

Since 2022, the Organization led by Saudi Arabia has held back production to try, in vain, to avoid a surplus and defend prices. After several meetings ratifying new voluntary cuts or the status quo, this Thursday