Disagreements between member countries have an impact on the oil price
After a day when OPEC and Russia could not reach common
ground regarding the production for February, talks resumed today at 2:30 PM
GMT.
The lack of agreement was caused by the fact that multiple
countries, including Saudi Arabia, are looking to cut the output to less than
500,000 barrels per day or to even keep the production at the same level as
now. On the other hand, Russia put aside the uncertainties brought by the new
wave of COVID-19 and is looking to increase the daily production.
After the clashes became public, Brent oil price lost
1.4%. However, today – 5th January - it went up to $51.60 per barrel, erasing some
of yesterday’s losses.
Sources: reuters.com, edition.cnn.com
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