[Politics] Brent crude is above $82 a barrel after the stability of OPEC + policy

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https://www.google.com/amp/s/www.alarabiya.net/amp/aswaq/oil-and-gas/2021/10/05/%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%82%D8%B1%D8%A8-%D8%A3%D8%B9%D9%84%D9%89-%D9%85%D8%B3%D8%AA%D9%88%D9%89-%D9%81%D9%8A-7-%D8%B3%D9%86%D9%88%D8%A7%D8%AA-%D9%85%D8%B9-%D8%A7%D9%84%D8%AA%D8%B2%D8%A7%D9%85-%D8%A3%D9%88%D8%A8%D9%83-%D8%A8%D8%AE%D8%B7%D8%A9-%D8%A7%D9%84%D8%A7%D9%86%D8%AA%D8%A7%D8%AC

 

 

 

 

 

Oil prices rose today, Tuesday, to their highest levels in at least three years, to extend the gains made during the previous session, after the world's major oil producers announced their decision to maintain a curb on crude supplies.

 

Brent crude rose above $82 a barrel, after rising 2.5% on Monday. US West Texas Intermediate crude rose 12 cents, or 0.2%, to $77.74, after rising 2.3% in the previous session.

The OPEC+ oil alliance will continue to pump 400,000 barrels per day in November. Some market observers had expected the group, led by Saudi Arabia and Russia, to increase production more than planned due to the sharp rise in natural gas prices, which led to an increase in demand for crude and oil products before winter.

Crude oil markets have tightened as economies recover from the pandemic, OPEC expects a supply shortfall over the next two months, and Goldman Sachs expects additional demand of 650,000 barrels per day later this year, as utilities grappling with rising natural gas prices turn to Oil, while Saudi Aramco said the gas crisis is already boosting crude oil consumption.

 

Russian Deputy Prime Minister Alexander Novak said during a speech at the OPEC + meeting, part of which was broadcast by the state TV channel Rossiya 24, that the OPEC + decision "will allow us to continue to normalize the market situation."

Ministers will meet again to discuss production policy on November 4th.