Oil prices have plummeted as the U.S. OPEC pushes for more

Oil drills are pictured in the Kern River oil field in Kerkersfield, California. November 9, 2014. REUTERS / Jonathan Alcorn / File Photo

  • OPEC + is expected to continue to increase output
  • Soft Chinese PMI data weighs on sentiment

LONDON, Aug. 31 (Reuters) – Brent still trades well for more than $ 70 a barrel, but oil spills on Tuesday as OPEC and its partners prepare for a meeting on Wednesday.

After Hurricane Ida destroyed major filters, power outages and flooding in Louisiana were also under pressure.

In August, the factory’s activity slowed down, with data from China slowing down. Read more

Brent crude futures fell 50 cents or 0.7% to $ 7,2301 at 1330 GMT.

West Texas Intermediate (WTI) crude fell 58 cents or 0.8% to $ 68.63.

Both standards were on track for the first monthly loss since March, but not far behind in July, when Brent was strongest in the United States since 2018 and 2014.

In August, the administration of US President Joe Biden urged OPEC to increase oil prices.

Prior to the US call, OPEC and its partners, known as OPEC +, agreed to add 400,000 barrels (BPD) per month until the end of December.

Sources told Reuters that Wednesday’s meeting could be postponed despite pressure from the United States. Read more

An OPEC + source told Reuters: “It looks like the plan from the last meeting.

Craan Erlam, an ODA analyst, also expects no changes to OPEC policy.

Given current White House prices, demand and (uncertain) attitudes, it would be surprising if the White House could do anything right now, despite pressure from the White House.

OPEC’s own data shows that the market will be in short supply by the end of 2021, but then go into profit by 2022. Read more

Ida, a Category 4 hurricane, struck at least 94 percent of Mexico’s Gulf oil and gas production and caused “horrific” damage to the Louisiana grid. Read more

With the release of 288 platforms, the Gulf of Mexico has lost 1.72 million BPD of oil and 2.01 million cubic feet of natural gas per day through the United States.

Additional report by Dmitry Zdanandikov Edited by Sonali Paul in Melbourne, Kustav Santa Singapore and Alex Lauller in London by Jean Harvey and David Goodman

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