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The International Energy Group sees that OPEC + is sticking to output growth

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A 3D printed oil pump socket is seen in front of the OPEC logo displayed in this illustration photo, April 14, 2020. REUTERS / Dado Ruvic / Illustration

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  • Japan and India are working to release oil reserves at the request of the US
  • Europe is battling the fourth wave of COVID-19 infections

NEW YORK, Nov 22 (Reuters) – OPEC and its allies are expected to stick to their current plan to gradually increase monthly output, unless interrupted by unforeseen external factors, said Joseph McMonigle, secretary general of the International Forum. of Riyadh-based Energy (IEF). ).

OPEC +, as the broader group is called, has said it intends to stick to plans for a gradual increase in production of about 400,000 barrels per day each month. The IEF is the largest international organization of energy ministers, with 71 member countries, including Saudi Arabia, Russia and the United States.

“I see them sticking to their current plan in light of next year ‘s supply surplus, which is typical of oil markets in the first quarter,” McMonigle told Reuters on Monday. “If they make a change, it will be due to unforeseen external factors, such as these blockages in Europe, any kind of strategic liberation and changes in aircraft fuel demand.”

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The oil market was raised by concerns that the Organization of the Petroleum Exporting Countries and its allies could stop barrels in response to a release of strategic oil reserves.

The move was partly attributed to Monday’s press release from the IEF that included McMonigle’s comments made in a conversation with Japanese officials, where he stated that unexpected events could cause OPEC + to change course.

He said a faster-than-expected return of international long-haul flights would be another factor that could change OPEC + ‘s view.

“If it comes back faster and stronger, like everything related to COVID, it’s something they [OPEC+] “it will be taken into account,” he said.

“To the extent that there is anything unforeseen, they will respond because they think it is not in their interest for prices to rise significantly,” he told Reuters. “They want to see the global economy recover and it’s important for their customers, at the end of the day.”

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The 6-month arrears structure for Brent and WTI – where immediate delivery contracts are more expensive than those for later periods narrows significantly, indicating reduced market contraction in the near term

Reporting by Jessica Resnick-Ault in New York Edited by Mark Potter

Our standards: Principles of Trust by Thomson Reuters.

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