Similarly, the oil North Sea Brent, which does it on the London Electronic Market (ICE), earn 2.4% and the barrel is agreed to u$s95.21 but in the contracts for November, according to what was reported by the Bloomberg agency.
The decision of the oil cartel that represents 40% of global oil production– It was held after a videoconference meeting of the energy ministers of the countries that make it up and reverses the increase ordered in August (and applied since this month) of 100,000 barrels per day in production.
Said increase had been established after the United States and other consuming countries repeatedly asked for more pumping to stabilize prices, which reached peaks of more than US$300 last March during the beginning of the war between Russia and Ukraine.
“The meeting of ministers noted the adverse impact of volatility, the drop in liquidity in the current oil market and the need to support its stability and efficient functioning,” said the OPEC it’s a statement.
From this, it was arranged “revert to the production level of August 2022 for the month of October 2022 and clarify that the increase of 100,000 barrels per day was only destined for the month of September”.
In the same way, the doors were left open to call new meetings “at any time” (beyond those held monthly) to make the necessary adjustments after analyzing market conditions.
OPEC+’s backtracking surprised markets and is a reflection of concern about the global economy.
Source: Ambito
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