OPEC + Fuel Prices Rise on Stability Plan | OilPrice.com

OPEC + has decided to keep its production plans in place.

The previous – and current – plan is for the group to increase its membership to 400,000 barrels per day in October. Plans for the future include a total of 400,000 barrels per month until May 2022, when the total production returns.

An increase of 400,000 barrels in October, according to OPEC, will increase demand and fall in crude oil reserves, especially in the United States.

“While the COVID-19 epidemic continues to cast some doubt, OECD stocks continue to fall as markets continue to recover,” OPEC said in a statement.

Last month, Binden’s management team called for an increase in production to lower gasoline prices – much to the chagrin of many Biden supporters who felt the demand was in stark contrast to other aggressive green energy plans.

Despite rumors that OPEC is considering a small increase in production, contrary to its plans to increase 400,000 bpd, it is widely expected that Wednesday’s meeting will not change OPEC’s plans.

Then 400,000 bpd 253,000 bpd from OPEC team.

Oil prices continued to fall for the day, with WTI trading at $ 67.89 a barrel, up 0.89%. Brent crude traded at $ 70.99 a barrel, down 0.89% a day.

The meeting also affirmed the “critical importance of full compliance and compliance with the use of extending the compensation period until the end of December 2021.”

By Julian Jigger for Oilprice.com

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