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Little change in oil prices – debate about OPEC response to emergency release

Thursday, 11/25/2021 12:58 PM from

dpa-AFX

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Offshore platform (symbolic image). © curraheeshutter / iStock / Getty Images Plus / Getty Images

NEW YORK / LONDON (dpa-AFX) – Oil prices moved little on Thursday. At midday, a barrel (159 liters) of North Sea Brent cost 82.25 US dollars. That was three cents more than the day before. The price of a barrel of the American West Texas Intermediate (WTI) fell by 11 cents to $ 78.28 (dollar exchange rate).

After the release of strategic oil reserves by large consuming countries like the USA, everything on the oil market revolves around the reaction of the producing countries. It is questionable whether the oil network Opec + will maintain the course it has embarked on in the summer and whether its production will continue to increase by 400,000 barrels per month. The representatives will meet next Thursday to decide on future oil production.

Commerzbank expert Carsten Fritsch, meanwhile, expects an oversupply of crude oil in the coming year. It should be particularly large in the first quarter because then demand is also lower. In addition, the reserves are released. “Opec + could therefore consider suspending or at least reducing the production increase planned for January,” said Fritsch. According to various media reports, this is being discussed at Opec +.

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