OIL AND CHEMICALS

OPEC to reconsider reviving oil supplies amid talks to release reserves.

Published 22. Nov 2021 5:22 PM

OPEC will meet on December 2. to discuss production levels for January and to re-evaluate the planned increase in production by 400,000 barrels per day, amid major oil-consuming countries intentions to release strategic reserves.

The idea of tapping into reserves took off after crude prices hit a 7-year high and the U.S urged countries to tap into their strategic reserves to preserve the energy prices against the potential threat of inflationary increases.

For now, India, the U.S, Japan, and China are the front runners to release their reserves, but if more countries are to follow, the relationship between the 23-nation alliance and Washington could see new strains.

Brent Crude Oil 79.48 a barrel
WTI Crude Oil 76.46 a barrel

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