(Bloomberg) – Oil was flat, with U.S. traders on vacation, after OPEC said a planned coordinated release of reserves could inflate an expected gross surplus early next year.
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Futures in New York were trading at nearly $ 78 a barrel and volumes were meager with Thanksgiving in the United States. next week. Some of the group’s delegates warned this week that the release of strategic reserves could lead the group to curb crude supplies in January.
Crude had fallen over the past month as President Joe Biden scrambled for a response to rising energy prices, but the historic plan announced on Tuesday fell short of expectations and saw prices rise . The International Energy Agency has accused Saudi Arabia, Russia and other major energy producers of creating an “artificial seal” in global oil and gas markets, urging OPEC + to speed up the process. return of supplies.
Predictions on the response are mixed. Citigroup Inc. said OPEC + should stick to its planned increase of 400,000 barrels per day for January, as the reduction in supply would erode the group’s claim to provide a public good by stabilizing oil markets. The Australian and New Zealand banking group, however, said the alliance would suspend the rise to provide a buffer to headwinds in demand.
“The decision of the six consumer countries will surely lead to aftershocks as the dividing lines between OPEC + and the main consumer countries become more and more visible,” said Tamas Varga, analyst at brokerage PVM.
The OPEC advisory body predicted that the surplus in the markets would increase from 1.1 million barrels per day in January and February to 2.3 million and 3.7 million per day, respectively, if 66 million barrels are injected by major consumers over the two-month period, according to a document obtained by Bloomberg.
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