Oil continued to fall after OPEC+ decision not to accelerate oil production increase
OPEC+ decided at yesterday's meeting to postpone
to accelerate the rate of increase in oil production. In December, they will remain at the current level of 400,000 bpd.
The outcome of the meeting was that it was not a question of a vote. The results of the meeting were
published in the communiqué devoted to the event.
Thus, the alliance decided not to follow the appeals of the USA and some other countries to increase volumes of oil production.
other countries to raise the volumes of production. President
Joe Biden, the President of the United States, had said before that he considered
refusal to do so by Saudi Arabia, Russia and other
exporters was a bad idea, as was their motive not to allow excessive
oil prices to keep the cost of gasoline affordable
to the public.
Oil prices, which before the news of the cartel's decision
oil prices, which had been falling before the news of the cartel's decision, continued to fall afterward. By late afternoon, they were
decline exceeded 1.5% for Brent and 2.4% for WTI. According to
experts say such behavior is natural, because
market participants were ready for such a step on the part of the alliance.