Since April, the alliance has begun to actively reduce previous mining restrictions and currently increased quotas by more than 2.5 million barrels per day – about 2.4% of demand in the world.
Participating countries of the OPEC+ Agreement may decide on the next increase in oil manufacture at least 137 thousand barrels per day at the next week’s meeting. It was reported by three resources familiar with negotiations, Reuters reports.
Since April, the OPEC+ team has left the acquisition strategy and has raised quotas more than 2.5 million barrels per day, which is about 2.4% of demand in the world. It allowed the group to increase market sharing after pressure from US president Donald Trump, who needed a reduction in oil prices.
Eight OPEC+ countries will be held online on October 5 to make decisions on volumes for November.
Oil prices, which at the beginning of the year exceeded $ 80 per barrel, were exchanged especially in the range of $ 60-70 from April. Last Friday, the quotes grew to a maximum from August 1 – more than $ 70 per barrel. Growth supports Ukrainian drones attacks on Russia’s energy infrastructure, which leads to disruptions in processing and delivery.
At the same time, at the peak, OPEC+ total abbreviations reached 5.85 million b/d and consist of three packages: 2.2 million b/d of spontaneous restrictions on the acquisition of all cartel participants, another 1.65 million B/D-From eight countries participating in the agreement, and another 2 million used group restrictions. Eight participating countries planned to completely remove voluntary restrictions at 2.2 million b/d by the end of September. Since October, the alliance has begun to gradually cancel the second package, which will increase production quotas by 137 thousand B/D.
The increase of November, which will be discussed on October 5, according to forecasts, will be at least 137 thousand barrels per day. The final decision has not been made.
The third level of OPEC+ group abbreviations at 2 million barrels per day should be valid until the end of 2026.
Earlier it was learned that members of the European Union have reduced price limitations in Russia’s oil, which is part of economic pressure. In addition, Russia continues to lose its income from exporting energy carriers – a income collapse has been recorded 20% since the beginning of the year.
Keep in mind that eight countries members of OPEC+ previously agreed to the next increase in sunny oil production in September -by 547 thousand barrels compared to Augustus.
Black gold gold: when oil is cheaper to come the world
News from CORRESPONDENT.NET On the telegram and whatsapp. Subscribe to our channels https://t.me/KorresPondentNet and WhatsApp
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.