The price of oil increased by one dollar
reported by Mehr News Agency quoted by Reuters, following the decision of eight members of the alliance of producers, members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies known as OPEC Plus, to delay one month in the implementation of the gradual adjustment of the voluntary supply reduction of 2 million and 200 million a day. 1,000 barrels (increase in daily supply of 180,000 barrels) by the end of December, the price of oil increased by more than one dollar in Monday’s trading (December 14), while the market is waiting for developments in the US presidential election and a key meeting in China. is.
The price of Brent North Sea crude oil until 4:20 a.m. GMT on Monday at one dollar And 18 cents or 1.61% increase reached 74 dollars and 28 cents per barrel.
Meanwhile, U.S. WTI crude oil rose by one dollar and 21 cents, or 1.74 percent, to 70 Dollars and 70 cents were traded for each barrel.
Eight members of the alliance of producers, members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC Plus), consisting of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. They extended the voluntary supply reduction of 2,200,000 barrels per day for another month until the end of December 2024.
The eight members of OPEC+ also agreed in September to postpone their plan to gradually increase oil production (180,000 barrels per day) from October to December for 2 months.
Analysts of ING Institute said in a note: While the delay in the implementation of the OPEC Plus voluntary supply reduction program until January does not create a fundamental change, this market condition forces to review the OPEC+ strategy.
The delay dampened expectations among some OPEC+ members for a planned production increase, according to these analysts.
Analysts of the ING Institute announced that the delay in the implementation of the OPEC Plus voluntary supply reduction adjustment program means that members of the The coalition is more willing to support prices than many think.
Indices Brent and WTI last week They were down about 4% and 3%, respectively, because the unprecedented oil production of the United States of America has affected the prices, but both indices increased on Friday (November 11) due to reports that Iran may retaliate against the Zionist regime in the coming days. They found.
