Fire in the price of oil – Big increase for gas as well

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Fire in the price of oil – Big increase for gas as well

The price of oil has caught fire. Brent and light crude are moving above $ 90 a barrel.

Brent hits $ 91.43 a barrel. Gas is above 82 euros, recording an increase of 2.5%.

According to Bloomberg, US crude (West Texas Intermediate – WTI) reached a new seven-year high near $ 91 a barrel, jumping more than 4% this week.

Brent has risen 17% since the beginning of the year and banks, including Goldman Sachs, predict it will reach $ 100.

The attitude of OPEC

After all, yesterday the OPEC + alliance hinted that it would proceed with a moderate increase in its oil production target, despite pressure from top consumers for more supply after crude oil prices rose to a seven-year high.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, a group known as OPEC +, which produces more than 40% of the world’s oil supply, have received requests from the US, India and other countries for more oil. as economies recover from the pandemic.

However, OPEC + has insisted on monthly increases of 400,000 barrels per day and believes that rising prices are due to the failure of consumer countries to ensure adequate investment in fossil fuels as they turn to greener energy.

However, many OPEC members find it difficult to achieve even these monthly production increases.

Three sources from the OPEC + alliance told Reuters today that the plan to increase the target by 400,000 barrels per day for March is unlikely to change when the full-fledged group meets online later today.

“No more than 400,000 barrels a day,” said one source, when asked if the OPEC + group could discuss a higher quantity.

Brent crude was trading above $ 89 a barrel today, hitting a seven-year high of $ 91.70 last year.

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