Oil: OPEC + facing record prices, against a backdrop of geopolitical crises

The OPEC + cartel is meeting on Wednesday to discuss a new increase in oil production, when prices are at their highest in seven years, boosted by cascading geopolitical crises. As almost every beginning of the month since the outbreak of the Covid-19 pandemic, the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and their ten allies headed by Russia meet by videoconference to make any adjustments. Many analysts expect for the month of March a further increase in the total production volume of 400,000 barrels per day. It would thus be a continuation of the strategy of cautious reopening of the floodgates, initiated in May 2021 by OPEC+ in a context of recovery, after drastic cuts to overcome the shock of the pandemic. "That said, we don't completely rule out a larger upside, given high oil prices and recent OPEC+ undersupply," Capital Economics said. The price of a barrel of Brent from the North Sea, the benchmark contract in Europe, thus exceeded the symbolic bar of 90 dollars in January, its highest since October 2014. The barrel of West Texas Intermediate (WTI) reached also multi-year summits.

UN Security Council meeting on Ukraine, threatens new sanctions against Moscow

The Security Council meets Monday on the Ukrainian crisis at the request of Washington which, with its NATO allies, is stepping up its efforts to dissuade Moscow from invading Ukraine, while preparing new sanctions against Russia. "More than 100,000 Russian troops deployed on the Ukrainian border and Russia are engaging in other acts of destabilization targeting Ukraine, which constitutes a clear threat to international peace and security and the Charter of the United Nations," said a few days ago the American ambassador to the UN, Linda Thomas-Greenfield. Faced with the threat of an invasion, kyiv on Sunday called on Russia to withdraw its troops massed along the border between the two countries and to continue dialogue with the West if it "seriously" wants a de-escalation of tensions. The United States and the United Kingdom have meanwhile brandished the threat of new sanctions against Russia. London has indicated that it wants to target Russian interests "which directly interest the Kremlin". In Washington, two elected Democrats and Republicans said that Congress was close to an agreement on a bill providing for new economic sanctions against Russia.

IN SHORT

The United Arab Emirates said on Monday it intercepted, for the third time this month, a ballistic missile launched by Yemeni Houthi rebels.

Hundreds of people celebrated the fiftieth anniversary of "Bloody Sunday", when 13 people were shot dead by British soldiers, one of the darkest episodes of the Northern Irish conflict.

French trotter Davidson du Pont, driven by Nicolas Bazire, won the 101st Prix d'Amérique at Paris-Vincennes, becoming the new harnessed trotting world champion.

Sweden was crowned Sunday in front of Spain (27-26) in the final of the Euro handball in Budapest. France, Olympic champion in Tokyo six months ago, finished fourth after being beaten by Denmark in extra time (35-32).

Rafael Nadal won a historic 21st Grand Slam title by beating Russian Daniil Medvedev in the Australian Open final 2-6, 6-7 (5/7), 6-4, 6-4, 7-5 in 5h24.