This week, oil prices are anticipated to rise significantly as China appears to be loosening its Covid limits. When OPEC meets this weekend, the rise in oil prices may well persuade it to maintain output levels rather than make additional cuts.
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As OPEC+ meets each month to discuss its production strategy, the oil industry closely listens to every word that is spoken. Most analysts now believe that an online conference call rather than a real meeting in Vienna is the most likely scenario. This week, oil prices are anticipated to rise significantly as China appears to be loosening its Covid limits. When OPEC meets this weekend, the rise in oil prices may well persuade it to maintain output levels rather than make additional cuts.
We might be in for a surprise at the OPEC meeting given that the EU has just tentatively agreed to a price restriction on crude oil. But, reports that China will relax its restrictions have greatly aided OPEC+, and oil prices are expected to close the week with a large increase.
EU approves a $60 per barrel oil price ceiling. The price cap of $60 per barrel for Russian sea oil, which will take effect on December 5, has been tentatively agreed upon by member states of the European Union.
Germany and Qatar sign an LNG agreement With a US energy giant ConocoPhillips (NYSE:COP), QatarEnergy inked two long-term contracts for the delivery of 2 million tons of LNG annually from the expansion projects Nordfeld Ost and Süd to the anticipated German terminal in Brunsbüttel.
