London (Agencies) The “OPEC Plus” alliance approved an increase in oil production by 100,000 barrels per day, starting from September, which gives the market additional supplies. Ministers from the alliance, which includes members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia, backed the proposal for the increase in an online meeting on Wednesday. In July and August, OPEC Plus pledged to add more than 600,000 barrels per day to the market. Oil prices rose to compensate for its losses earlier, driven by the decision of “OPEC Plus”, as the futures contracts for the benchmark Brent crude jumped by regarding three dollars per barrel, and was trading near 102 dollars per barrel. By 11:50 GMT, Brent crude rose 1.3 percent to $ 101.80 a barrel, and US West Texas Intermediate crude contracts rose 94 cents, or 1%, to $ 95.36 a barrel. According to the decision of “OPEC Plus” – which includes 23 countries – the new increase is divided proportionally among the members, while there were no discussions regarding continuing to increase production beyond September. By September, OPEC Plus will have ended all of the record production cuts it implemented in 2020 to deal with the collapse in demand caused by the Corona pandemic. Bloomberg agency quoted delegates at the meeting, saying that some countries were reluctant to add more supplies due to the possibility of tightening demand for oil, as a result of recession risks in the United States and Corona closures in China. Three delegates from OPEC Plus told Archyde.com before the meeting that the group had reduced its forecast for the oil market surplus this year by 200,000 barrels per day to 800,000 barrels per day. The OPEC Plus alliance is scheduled to hold its next meeting on September 5.
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WTI crude futures fell below $94, while Brent fell $100 ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus today
As of 6:18 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in September. It traded on the NYMEX minus $0.78, or 0.82%, to $93.64/barrel. Brent crude oil dropped $0.94, or 0.93%, to $99.60/barrel.
OPEC Plus will hold a meeting on oil production policy today. The meeting will begin at 6:30 p.m. Thai time.
The OPEC Plus meeting will consider production policy for September. After a resolution to increase production by 648,000 barrels / day in August.
The source stated that OPEC to maintain production in September or may be slightly increased from August
on the Kazakhstan side OPEC Plus, a member of OPEC Plus, said OPEC Plus should increase production to avoid overheating in the oil market.
“We always say the price that OPEC Plus wants is between $60-80/barrel. But now the price is $100, so we should increase production so that the market is not overheating,” Kazakh Oil Minister Bolat Akchulakov said.
The decline in oil prices before the OPEC meeting .. And the disclosure of the price of a barrel • Al Marsad Newspaper
written by Alexandra Hartman Editor-in-Chief
Al-Marsad Newspaper – Agencies: Oil prices fell, regarding four percent, on Monday, affected by weak data for the manufacturing sector in a few countries on demand expectations.
Oil prices fell as investors prepared for a meeting of “OPEC” and its allies among crude producers on supplies, this week.
Brent crude contracts ended the trading session as low as $3.94, or 3.8 percent, to settle at $100.03 a barrel, following falling at the lowest level in the session to $99.09.
US West Texas Intermediate crude contracts closed down $4.73, or 4.8 percent, to $93.89 a barrel, following recording during the session a much lower level at $92.42.
The Organization of the Petroleum Exporting Countries and its allies led by Russia, who together make up what is known as the “OPEC +” alliance, meet on Wednesday to decide production levels for the month of September.
Two of eight OPEC+ sources surveyed by Archyde.com said that a modest production increase for September would be discussed at the August 3 meeting.
Al-Jubeir explains to CNN: Did Biden pressure Saudi Arabia to increase oil production?
written by Alexandra Hartman Editor-in-Chief
Adel Al-Jubeir, Saudi Minister of State for Foreign Affairs, said in an interview with CNN anchor Wolf Blitzer, that Saudi Arabia “has made it clear over the past decades that it seeks to ensure market stability and that it is looking at the basics of supply and demand and that it is working within OPEC and now within OPEC Plus to ensure supplying The markets are sufficiently supplied with crude oil,” stressing that the US President did not pressure his country’s government to increase its oil production, and indicated Saudi Arabia’s keenness “to maintain stability in the markets.”
Al-Jubeir, when asked if Biden had asked Saudi Arabia to increase oil production in the hope that it would lower the price of fuel in the United States, replied, “Not that specific, because Mr. President knows that the energy issue is regarding supply and demand. It’s an issue of market balance. Saudi Arabia is committed. By ensuring stability in the oil markets The US government is aware of this The issue of the fuel price increases we’ve seen recently is really more regarding geopolitical and psychological factors than it is regarding basic demand and supply The fuel problem in the US is more a result of a lack of refining capacity than Crude oil shortage.
As for Saudi Arabia’s readiness to increase its oil production, Al-Jubeir said, “Saudi Arabia has made it clear over the past decades that it seeks to ensure market stability, that it is looking at the basics of supply and demand, and that it is working within OPEC and now within OPEC Plus to ensure that the markets are adequately supplied with crude oil.” “Saudi Arabia has significantly increased its oil production over the past year in accordance with market demands and this is a situation that is constantly evaluated by our Ministry of Energy and experts in the field to determine if more oil is needed,” he added.
Al-Jubeir stressed that “the president (Biden) does not pressure us on this issue, and he realizes that Saudi Arabia is keen to maintain stability in the markets. The president did not come here to pressure Saudi Arabia. The president came here to hold a meeting with one of America’s most important allies in the world and in The region We are facing common challenges that we need to work together to overcome There are many opportunities available to us that we want to take advantage of He has come here to consult on various issues and how we can move forward in order to ensure that the next 80 years are as positive as the eight past in our relationship.