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.