As demand for crude oil rises due to the recovery of the world economy, major oil-producing countries such as Saudi Arabia and Russia were planning to discuss whether to increase production from next month on the 5th, but disagreements and holding a meeting It was.
As a result, crude oil prices rose to their highest levels in 2 years and 9 months.
OPEC (Organization of Petroleum Exporting Countries) led by Saudi Arabia and non-member oil-producing countries such as Russia have gradually reduced the range of cooperative production cuts and increased production in response to the recovery of the world economy. However, crude oil prices have risen to levels well above those before the spread of the new coronavirus.
Under these circumstances, oil-producing countries were planning to hold talks on the 5th, following last week, to determine the production volume from next month onward.
However, due to disagreements, we were unable to hold this day's meeting.
According to multiple media, although there is no objection to the policy of increasing production, the UAE = United Arab Emirates has decided to extend the period of cooperative production cuts indicated by Saudi Arabia and others until the end of next year, and to allocate production. It means that they are repulsing.
WTI's futures price, which is an indicator of international transactions from the view that production may be postponed in the market, temporarily hit the low $ 76 level per barrel, the highest price in 2 years and 9 months. It was.
Oil-producing countries are planning to set a new meeting schedule, but the focus will be on increasing production as the outcome of the talks will affect gasoline prices in Japan.