OPEC keeps the market under control and does not respond to blackmail

OPEC keeps the market under control and does not respond to blackmail There is still no full-fledged decision on the European embargo on Russian oil. Next OPEC meeting will take place tomorrow: European and American politicians are making serious bets. The energy ministers of G7 countries are again calling on artel to increase production to stabilize the market. IEA also suggests adjusting volumes to bring down the cost of fuel.The US is on its own trying to contain the rise in prices before the summer car season: in addition to selling another 40 million barrels of SPR, two influential US advisers visited Saudi Arabia to consult on increasing production. And what is the result?An insider from Reuters reports that six OPEC member countries are ready to adjust supplies to the previously agreed volume of 432,000 b/d. However, such a decision is unlikely, and there are several reasons for this: Problems of the United States, as well as any regional market for raw materials, are not of interest to the Saudis; instability in demand due to another outbreak of COVID in China; active dumping of deliveries from Russia for Asian consumers; Cartel benefits from a neutral stance towards Russia; free capacities appeared on the oil products market.The dissenting opinion of the leading members of OPEC depends little on political force majeure. The Saudi Energy Minister is confident that the price is rising only because of the structural crisis and the lack of capacity in the oil refining industry. Saudi Aramco's CEO believes that the world is using less than 2% of spare oil capacity, but according to S&P Global, 13 out of 19 countries are now struggling to meet previously set quotas. Gap between OPEC+ production and quotas has widened to a record 2.59 million b/d  this is a serious argument against increasing production right now.So no real surprises from OPEC should be expected.Profits to yall!