· OPEC+ members likely to hold firm on slow oil output, despite international pressure
Oil prices have hit their highest levels since 2014, and crude importing countries are feeling the pain. But despite diplomatic pressure, OPEC and its allies are unlikely to decide to open up the taps during the oil cartel’s meeting on Thursday.
That likely means continued high energy prices through the end of this year and potentially into 2022, analysts say.
President Joe Biden squarely blamed the reluctance of OPEC+ to pump more oil for the sharp rise in energy prices in the U.S. and around the world.
Kuwait also said Monday that the organization should hold to its current plan because oil markets were “well-balanced,” and fellow OPEC members Iraq, Nigeria and Algeria all issued similar statements.
· Oil extends decline after Iran, world powers set date for nuclear talks
Oil prices extended declines on Thursday, pushing U.S. futures below $80 a barrel, after Iran and world powers agreed to resume nuclear talks this month that could lead to the removal of U.S. sanctions on Iranian oil, increasing global supplies.
U.S. West Texas Intermediate crude slid for a third day to $79.94 a barrel by 0106 GMT, down 92 cents, or 1.1%. Brent crude futures for January fell for a second session to $81.19 a barrel, down 80 cents, or 1%.
Both benchmarks on Wednesday posted their biggest daily percentage declines since early August, with Brent closing at its lowest since Oct. 7 and WTI since Oct. 13, after weekly inventory data from the U.S. Energy Information Administration showed a larger than expected rise in crude stocks last week.
Reference: CNBC
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