OPEC and Russia will pump more oil in January despite price plunge

伦敦 (CNN业务)沙特阿拉伯, Russia and other leading oil producers have decided to stick with plans to increase supply in January despite a recent plunge in prices driven by fears of a new glut.

The agreement was reached Thursday at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and key allies, known as OPEC+. Global oil prices have fallen more than 20% since late October.
Brent crude futures, the global benchmark, had soared about 70% since the beginning of the year, but began falling in November when the United States and other major oil consuming nations agreed to release millions of barrels from their strategic reserves to try to cool gasoline prices and prevent a further boost to inflation.
    The losses accelerated as Covid-19 cases surged in Europe and the Omicron variant emerged as a potential new threat to economic activity.
      Although falling crude prices may have OPEC and Russia on the back foot for now, their influence over the oil market is only set to increase longer term as their share of global production rises.
            According to estimates from the International Energy Agency, OPEC and Russia could account for 58% of global oil supply by 2050, 从 46.5% 去年, as other countries — including the United States — invest less in exploration and production as shareholders demand greater financial discipline. Pressure from investors is also growing to reduce carbon emissions and tackle the climate crisis.
            — This is a developing story and will be updated.




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