Raising the victim can lead to an excessive offer in the fourth quarter and additional pressure on prices.
OPEC+ major countries will hold a video conference on Sunday where they will consider the issue of continuing oil supplies with a volume of 1.66 million barrels per day. The discussion will take place considering the accelerated restoration of previous volumes over the past five months. She is writing about it Bloomberg On Friday, September 5.
Saudi Arabia, who initiated the process, is planning to increase production to compensate for the collapse of prices by increasing volume. At the same time, part of the alliance members can oppose such a step, trying to support a higher level of prices.
According to the delegates, Riyadh sought to restore part of the market, which was lost in the country in favor of competitors, in particular, American shale oil manufacturers. In November, Prince Muhammad Bin Salman plans to visit Washington to meet with Donald Trump, who called on the reduction of fuel prices.
Raising the victim can lead to an excessive offer in the fourth quarter and additional pressure on prices. At the same time, the market has maintained a relative -child stability after the OPEC+ restored 2.2 million barrels per day, despite fears about consumer readiness for such volumes.
Experts note that additional delivery is of useful to consumers and corresponding to US calls, but at the same time represents financial risks for shale manufacturers in the United States and the alliance itself. The situation reflects a change in OPEC+ priorities in favor of maintaining market sharing, and not price stability.
Meanwhile, oil prices in the world continue to collapse and end in a week in the red zone.
November Brent Oil Futures in the Ice Futures London Exchange fell $ 1.5 (-2.24%), up to $ 65.49 per barrel.
October contracts with the WTI in the New York Modern Exchange (NYMEX) lost $ 1.53 (-2.41%), dropping to $ 61.95 per barrel.
Earlier in Bent, Brent fell to $ 65.35, and WTI – up to $ 61.77 per barrel.
It is assumed that entrepreneurs are expecting an OPEC+ September 7 meeting.
Remember that eight OPEC members’ countries previously agreed to the next increase in daily oil production in September-in 547 thousand barrels compared to Augustus.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.