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OPEC+ can lower production recovery in response to US actions — expert

The opposition between the US President and OPEC+ is already migrating to a broader political context and decisive action can be expected at the forthcoming meeting, analyst of Rystad Energy Victor Kurilov notes

MOSCOW, November 24. /TASS/. OPEC+ countries can decide at their meeting in December to reduce oil production recovery volumes in response to the statement made by US President Joe Biden on the sale of 50 mln oil barrels from strategic reserves, Victor Kurilov, the analyst of Rystad Energy, told TASS.

Brent futures dropped by 1.3% to $87.69 per barrel but later gained 3.25% to $82.3 after the statement. The announced sales volumes will not completely close the existing shortage on the petroleum market, the analyst noted.

"The OPEC+ meeting will be held as early as December 2, where exporter countries can abandon monthly production growth by 400,000 barrels per day and even lower production quotas because of a new wave of lockdowns and an expected surplus on the market in 2022," the expert believes.

The opposition between the US President and OPEC+ is already migrating to a broader political context and decisive action can be expected at the forthcoming meeting, Kurilov noted. "Nevertheless, the restrained approach of OPEC+ towards production growth appears a fairly reasonable step based on the expected surplus on the market in 2022," he added.

OPEC+ ministers will discuss oil production levels for January at the meeting on December 1-2.

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