OPEC + will continue with oil supply adjustments

The Mexican mix closed on Friday at 61.87 dollars a barrel, with a fall of 17.36% in the week.

In general, on Friday, oil prices ended up practically stable. North Sea Brent finished at $ 69.88 a barrel, up 0.30% on Friday.

However, it ended the week with a 3.91% drop in its price, thus accumulating its sixth consecutive week of losses.

For its part, the West Texas Intermediate (WTI) ended on Friday with a downward adjustment of 0.36% to 66.26 dollars per barrel, which closed the week with a loss of 2.77%, also accumulating its sixth week down .

The foregoing, after statements in which the Organization of Petroleum Exporting Countries and its allies, including Russia (OPEC +) will continue with their supply adjustments for the oil market, the bloc’s secretary general said on Saturday.

“We will continue to do what we do best to ensure we achieve stability in the oil market in a sustainable way,” Mohammad Barkindo said at a webinar organized by the Italian think tank ISPI.

Crude prices accumulate losses after OPEC + maintained its policy of monthly increases in oil production despite fears that a release of US crude reserves.

Barkindo said that in terms of oil demand, the estimate at this time is for a growth of 5.7 million barrels per day. “In 2022 we expect another 4.2 million,” he said.

As he indicated, the uncertainty and volatility in the markets is also due to external factors such as the current Covid-19 pandemic, and not necessarily to the fundamentals of oil and gas. “We are now on track to return the level of consumption in 2022 to pre-Covid-19 levels,” he said.

Barkindo said the forecast was for oil and gas to account for more than 50% of the global energy mix by 2045 or even into the middle of the century.

“In all the pronouncements we had from Glasgow, we have not yet seen any concrete roadmap or plans on how to replace this 50% … without creating unprecedented turmoil in the energy markets,” he said in reference to the conference. Glasgow climate. “Oil and gas will be needed for the foreseeable future.”

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