OPEC+ postponed the plan to increase oil production by another 3 months
According to Webangah News quoted by Mehr News Agency, according to Euronews, the alliance of oil exporting countries known as “OPEC Plus” announced that it has postponed its plan to increase crude oil production by another three months.
This decision has been taken in the midst of declining demand and competitive production from countries outside this alliance. The sum of these factors will probably keep the price of oil stagnant until next year.
The biggest beneficiaries of this fixed policy will probably be the drivers of vehicles because in the months Prices have fallen recently, although European drivers experience much less price volatility than American drivers because taxes make up a much larger share of their costs.
The members of the OPEC+ coalition, which includes Saudi Arabia, as the largest producer of OPEC oil, and Russia, as the main non-OPEC member in this coalition, 23 country, discussed in an online meeting whether to delay the production increase planned for January 1.
According to this report, 8 members of OPEC+ planned to start increasing production from this date and gradually 2.2 million barrels per day from the previous production reduction. return.
The group has now delayed production increases for another three months as it monitors global oil demand trends.
Oil prices have fallen due to lower-than-expected demand from China, as well as increased production in non-OPEC+ countries such as Brazil and Argentina.
Oil analysts are cutting their estimates for next year’s demand, meaning OPEC+ could be in trouble by 2025.
Analysts Commercial Bank predict that oil prices Brent will average $75 per barrel in the first quarter of next year and reach $80 in the remaining quarter.
