The Fort Worth Press - Top oil producers to meet amid record crude prices

USD -
AED 3.67295
AFN 68.452776
ALL 93.048382
AMD 390.177793
ANG 1.816976
AOA 911.999619
ARS 998.2263
AUD 1.54507
AWG 1.8
AZN 1.698754
BAM 1.853558
BBD 2.03554
BDT 120.47462
BGN 1.855803
BHD 0.376886
BIF 2977.069937
BMD 1
BND 1.347372
BOB 6.966716
BRL 5.825396
BSD 1.008198
BTN 85.007628
BWP 13.679442
BYN 3.299388
BYR 19600
BZD 2.031743
CAD 1.39969
CDF 2864.999771
CHF 0.887995
CLF 0.035848
CLP 989.153355
CNY 7.242201
CNH 7.254505
COP 4485.54
CRC 514.803442
CUC 1
CUP 26.5
CVE 104.500739
CZK 23.985696
DJF 179.528977
DKK 7.077685
DOP 60.720649
DZD 133.952972
EGP 49.372602
ERN 15
ETB 123.045036
EUR 0.948855
FJD 2.27535
FKP 0.789317
GBP 0.789359
GEL 2.730455
GGP 0.789317
GHS 16.281891
GIP 0.789317
GMD 70.999572
GNF 8685.114015
GTQ 7.788646
GYD 210.880869
HKD 7.781775
HNL 25.453011
HRK 7.133259
HTG 132.557454
HUF 387.514307
IDR 15925.803259
ILS 3.75528
IMP 0.789317
INR 84.414504
IQD 1320.673043
IRR 42092.50406
ISK 139.809873
JEP 0.789317
JMD 159.606118
JOD 0.709202
JPY 155.972502
KES 129.514885
KGS 86.199267
KHR 4084.665671
KMF 466.349913
KPW 900.000094
KRW 1405.411475
KWD 0.307686
KYD 0.839986
KZT 496.917168
LAK 22141.007898
LBP 90227.005275
LKR 294.668935
LRD 190.003315
LSL 18.110979
LTL 2.95274
LVL 0.60489
LYD 4.884614
MAD 10.024356
MDL 18.167086
MGA 4704.489757
MKD 58.413636
MMK 2097.99974
MNT 3398.000066
MOP 8.075803
MRU 40.134198
MUR 47.429998
MVR 15.449884
MWK 1748.169588
MXN 20.548297
MYR 4.484504
MZN 63.899993
NAD 18.111065
NGN 1684.480416
NIO 37.103201
NOK 11.15606
NPR 136.03721
NZD 1.704841
OMR 0.385008
PAB 1
PEN 3.821032
PGK 4.051574
PHP 58.819002
PKR 280.056171
PLN 4.113175
PYG 7867.983726
QAR 3.675652
RON 4.722896
RSD 111.038018
RUB 99.300479
RWF 1383.775103
SAR 3.757064
SBD 8.383555
SCR 13.620181
SDG 601.488769
SEK 11.00801
SGD 1.346067
SHP 0.789317
SLE 22.814977
SLL 20969.503157
SOS 576.121825
SRD 35.279862
STD 20697.981008
SVC 8.819614
SYP 2512.529518
SZL 18.116683
THB 35.003667
TJS 10.73969
TMT 3.51
TND 3.147935
TOP 2.389991
TRY 34.35863
TTD 6.849698
TWD 32.572978
TZS 2681.658374
UAH 41.641396
UGX 3672.512403
UYU 42.486895
UZS 12891.667497
VES 44.876473
VND 25393.60245
VUV 118.721977
WST 2.803992
XAF 622.573731
XAG 0.03345
XAU 0.000391
XCD 2.70255
XDR 0.753908
XOF 622.573731
XPF 113.258656
YER 249.774976
ZAR 18.282105
ZMK 9001.205525
ZMW 27.572126
ZWL 321.999592
  • CMSC

    0.0700

    24.61

    +0.28%

  • RBGPF

    59.2500

    59.25

    +100%

  • NGG

    -0.7800

    62.12

    -1.26%

  • GSK

    -0.4100

    35.11

    -1.17%

  • AZN

    0.1000

    65.29

    +0.15%

  • BCC

    1.4200

    142.55

    +1%

  • BTI

    0.1800

    35.42

    +0.51%

  • RELX

    -0.4700

    46.12

    -1.02%

  • RIO

    -0.5800

    60.62

    -0.96%

  • SCS

    -0.3000

    13.37

    -2.24%

  • RYCEF

    -0.0400

    7.07

    -0.57%

  • CMSD

    -0.0200

    24.73

    -0.08%

  • JRI

    0.0200

    13.24

    +0.15%

  • BCE

    -0.4800

    27.21

    -1.76%

  • VOD

    0.2800

    8.75

    +3.2%

  • BP

    0.4100

    28.57

    +1.44%

Top oil producers to meet amid record crude prices
Top oil producers to meet amid record crude prices

Top oil producers to meet amid record crude prices

The world's top oil-producing countries will meet on Wednesday to discuss a further increase in output, while crude prices have reached seven-year highs rattled by geopolitical tensions.

Text size:

Part of their regular meetings since the Covid-19 pandemic shook markets, the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies convene by videoconference to set output.

Many analysts expect the grouping, including Saudi Arabia and Russia, to decide to continue to boost output by 400,000 barrels per day in March.

This will be in line with their strategy to slowly re-open the taps since May last year, after drastic cuts to curb slumping prices when the coronavirus first started spreading.

"With that said, we wouldn't completely rule out a larger increase, given high oil prices and recent OPEC+ underproduction," Capital Economics analysts said.

Brent oil on Wednesday surpassed $90 per barrel, attaining a level last seen in October 2014.

The price of West Texas Intermediate (WTI) crude hit its highest level in more than seven years earlier this month, fuelled by easing concerns about the Omicron Covid variant and geopolitical tensions.

- Russia sanctions? -

The United States and Britain on Sunday flagged new and "devastating" economic sanctions against Russia, as Washington and its NATO allies step up efforts to deter any invasion of Ukraine.

Fears of an imminent invasion have grown in recent days, despite denials from Moscow and pleas from Ukraine's president to avoid stirring "panic" over the massive Russian military build-up on the border.

A Russian invasion of Ukraine would lead to "very hard sanctions" against Moscow, according to Bjarne Schieldrop, analyst at SEB.

"It would halt exports of natural gas to Europe even more. Natural gas and power prices in Europe would be much higher than the current extremely high prices we have now," he told AFP.

In the Middle East, Yemen's Iran-backed Huthi rebels -- which have frequently targeted Saudi Arabia -- launched two missile attacks on the United Arab Emirates this month.

The Emirates has had a major role in the Saudi-led military coalition backing Yemen's internationally recognised government against the Huthis.

- Struggling to meet targets -

Besides the geopolitical uncertainties, analysts have noted that OPEC nations and other key producers are struggling to meet targets to lift output by 400,000 barrels a month, adding to the upward pressure on prices.

"OPEC+ underperformance and inaction support elevated oil prices as the group has underdelivered against its stated production targets by hundreds of thousands of barrels," Rystad Energy analyst Louise Dickson said.

The grouping "has committed to a passive role in the conversation despite external pressure primarily from the US, to increase production and ease fuel prices," she added.

Schieldrop also noted that top producer Saudi Arabia in the last meeting "made it clear that they will not step up production beyond their cap to cover losses by other members. No rescue there."

H.Carroll--TFWP