Oil prices are hard to fall! OPEC meeting is coming, the long-term view of the willingness to increase production is still insufficient

OPEC, the Organization of Petroleum Exporting Countries, will hold its regular monthly meeting on Thursday to assess oil production policy. This time, no one seems to be expecting any surprises, the reason being that OPEC and its allies within OPEC+, led by Russia, have been in amazing sync over the past few months. They seem to have had enough of consumer pressure.

Earlier this week, the UAE's energy minister struck a cool tone, slamming the West for what can only be described as hypocrisy over fossil fuels. suhail Al-Mazrouei said, "I think at COP 26 all the producing countries felt they were not invited and not welcome, but now we are superheroes again and things are not going develop like that."

The UAE's top energy official went on to explain the fundamentals of the oil sector, emphasizing that production is linked to long-term planning, which is incompatible with calls and actions to cut investment with the aim of putting more money into renewables.