In anticipation of the OPEC Alliance meeting, world oil prices are rising.
Brent oil futures for January delivery rose by 0.83%, $ 69.44 a barrel.
Meanwhile, WTI January futures rose by 0.87%, $ 66.14 a barrel.
The next meeting of the OPEC + Ministerial Monitoring Group will be held today. The Organization of the Petroleum Exporting Countries (OPEC) predicts that the release of oil from strategic reserves may lead to an oversupply of world markets. Several OPEC delegates noted that in the event of an oversupply of oil on the market, the organization might abandon the planned increase in oil production in January.
Due to reduced demand for oil caused by the coronavirus pandemic, OPEC + has reduced production by 9.7 million barrels per day since May last year.
With the stabilization of the situation, oil production has more or less resumed. From August 2021, the Alliance increased oil production by 400 thousand barrels per month.
Since then, the organization's member states have met every month and discussed the production plan for the coming month.
