As of Monday afternoon, a barrel (159 liters) of North Sea Brent oil is still at $82.95. That was $4.67 less than Friday. The price of US quality WTI per barrel decreased by $4.46 to $75.62.
In the afternoon, the “Wall Street Journal” reported on a possible fundamental change in OPEC+ financing policy. The leading OPEC country, Saudi Arabia, is therefore discussing an increase in production by 500,000 barrels per day with other OPEC countries.
Members of the oil cartel and other major producing countries, including Russia, are organized within OPEC+. According to the newspaper report, with the increase in production, the political gap that has emerged recently between the USA and Saudi Arabia can be closed somehow.
Most recently, Opec+ has decided to cut production by an average of two million barrels per day from November to support prices. The US government criticized this as a mistake.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
