Oil prices rise ahead of OPEC + policy meeting

Crude oil storage tanks will be displayed at the Kush Petroleum Center on March 24, 2016 in Cushing, Oklahoma, USA. REUTERS / Nick Oxford

  • Sources say OPEC + has increased its oil demand forecast for 2022
  • The United States has asked OPEC + to increase production to reduce prices
  • U.S. refineries want to resume after Idaho hurricane

LONDON, Sept. 1 (Reuters) – Oil prices have risen ahead of the OPEC + meeting, which is expected to add 400,000 barrels (BPD) a month to December each month until December.

The Organization of Petroleum Exporting Countries (OPEC), Russia and its allies, will meet at OPEC + at 1500 GMT. It has raised its forecast for oil demand next year, while OPEC + sources say it is a step towards building productivity. Read more

Brent Dumpf won 36 cents, or 0.5%, for a $ 71.99 barrel at 0850 GMT for November. West Texas Intermediate (WTI) crude was up $ 68.81 in October at 31 cents, or 0.5%.

The administration of US President Joe Biden has urged the administration to increase OPEC + production to cope with the price of gasoline, which threatens global economic recovery.

Oil broker PVM Stephen Brenock, for his part, said: They also do not press the pause button to ease supply restrictions. ”

“There is no reason to think that OPEC + will shake the boat in terms of production strategy,” he said.

The U.S. industry report also showed that prices fell more than expected last week, which was offset by hurricane losses on U.S. filters.

U.S. oil reserves fell by 4 million barrels on Tuesday, according to API figures.

Reuters analysts estimate that crude stocks will fall by 3.1 million barrels ahead of the weekly energy data management report expected at 10:30 EDT (1430 GMT) on Wednesday.

But oil prices in the Gulf of Mexico are expected to slow down as U.S. crude oil prices continue to recover, although analysts say it could take a long time to return to normal. Read more

Additional report: Singapore, Florence Tan and Sonali Paul in Melbourne; Edited by Jacqueline Wong and Edmund Blair

Our Standards – Thomson Reuters Principles.


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