energy
Funding countries turn on the oil tap even further
Despite the increased production, eight countries turn the oil screw again – albeit a little more careful than last. Analysts see this a risk of the market.
States of the Olfelgerverbundsverbund OPEC+ want to pump even more crude oil on the market from October. Saudi Arabia, Russia and six other countries decided to increase their daily production by a total of 137,000 barrels (159 liters each).
In the past few months, this core group had gradually turned off the oil taps in order to reverse past production restrictions of 2.2 million barrels per day (BPD).
With the further increase, the eight states begin with the gradual reversal of another earlier production cutting through which 1.65 million BPD had been removed.
But the group slowed down the pace: recently the funding goal for September was raised by 547,000 BPD; The next monthly increase is only 137,000 BPD. The eight states justified their step with the “healthy” situation in the oil market, “stable global economic outlets” and low oil bearings. In addition to Saudi Arabia and Russia, the group also includes Algeria, Iraq, Kazakhstan, the Oman and the United Arab Emirates.
Oil prices had been made before making a decision
According to a disappointing unusual US labor market report, oil prices, which indicates a subdued demand from the largest economy in the world. The expected increase in production from the ranks of the Opec+ had also pressed the prices.
On Friday, a barrel (159 liters) of the North Sea variety Brent cost 65.69 US dollars for delivery in November – $ 1.30 less than the previous day. The price for a barrel of the US variety WTI for delivery in October fell by $ 1.33 to $ 62.15.
Raw material analysts had warned beforehand about further expansion of the funding. The Opec+ already delivered significantly more oil than the market required, it said, for example, from the experts at Commerzbank.
dpa
Source: Stern
