2 hours agoThe barrel does the power: Oil producers reject rising production to lower price
Periskopi(5 years ago)
(5 years ago)The Allies of the Organisation of Exporting Countries (OPEC+) will increase daily production of 400,000 barrels during November as planned, despite shortages in the world market. O The Saudi Arabia-led PEC+ has made the announcement, as analysts have raised the prospect of a larger supply increase. After it became [...]
The Saudi Arabia-led OPEC+ has made the announcement, as analysts have raised the prospect of greater supply growth.
After it became clear that 23 oil producers would not further increase their production, the price of crude Brant rose for the second time in a few days, reaching a three-year maximum of just over $80 per barrel.
The announcement comes in a tense environment, at great demand for crude oil, gasoline and oil due to the economic situation, while the supply is low among other things because of continued loss of production in the Gulf of Mexico.
In addition, Angola and Nigeria have been unable to use their quotas within the OPEC+ framework for months.
Increased oil prices are also being felt at gas pumps. In Germany, E10 Super rose above a nationwide average of $1.60 [or $1.86] per litre at the weekend, for the first time since 2013.
