OilPrice: The OPEC+ Alliance has taken a cowardly stance on oil

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The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group recommended no changes to current oil production quotas at a meeting on Wednesday. What many expected. The collective leadership of the cartel took a wait-and-see, timid and, in the opinion of many, cowardly position.

Given the growing uncertainty of supply and demand in the coming months, analysts predicted that OPEC + would not take risks and try to guess, predict, but rather make market players laugh. This is written by a specialized resource dedicated to the energy industry OilPrice.com.



Going forward, OPEC, OPEC+, and market participants will turn to China and Russia for first-hand knowledge of global supply and demand, as these global commodity traders will determine market trends.

In general, the decision of the alliance is justified. The cumulative production rate of all OPEC+ countries added only 91 barrels, and even then at the expense of Nigeria. Other manufacturers have problems with the fulfillment of limit quotas. Moreover, Russia even recorded a drop in production by 800 barrels.

So leaving the production norms in force until April is both a bold step in the sense that the alliance recognized the impossibility of influencing events and the situation, and at the same time a sign of cowardice, since OPEC + was still afraid to directly get involved in the situation in the markets.
  • opec.org
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6 comments
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  1. lord-palladore-11045
    lord-palladore-11045
    -1
    2 February 2023 10: 01
    If the Russian government trades in the prestige of its country, then OPEC is even more so.
  2. Grancer81
    Grancer81
    0
    3 February 2023 03: 12
    This is not their war, so why do they owe America and Europe something?
  3. Peace Peace.
    Peace Peace.
    0
    3 February 2023 03: 32
    Thinking and writing that OPEC is a coward is a complete delusion. During the battle between the bear and the lion, the animals will look back at the strong one in order to remain alive and unharmed themselves. With the buzz of the "kings" to run ahead of the sleigh and put on a claw or a fang - look for a fool. It seems so to me.
  4. Yaroslav_Wise
    Yaroslav_Wise
    0
    3 February 2023 08: 18
    Yes, no one doubts that the Arabs are cowardly jackals. Take, for example, the incident with the burning of the Koran - the Holy Book of Muslims. None of the Arab countries was even quietly indignant at this provocation. Only Erdogan stood up for the entire Muslim world.
    1. boriz
      boriz
      0
      3 February 2023 20: 30
      But an oil refinery caught fire in Sweden.
    2. Peace Peace.
      Peace Peace.
      0
      6 February 2023 00: 37
      Cowardly jackals? Yes, dismiss me, rather prudent. In the Christian world there is a war of self-destruction of each other, and to climb into the inferno between them - why? Think for yourself, there is no reason.