Oil prices went up after OPEC+ meeting

On Friday, oil prices of benchmark grades are growing against the backdrop of the OPEC+ decision after a decline the day before, Interfax reports.

The OPEC+ ministers unanimously decided to follow the plan and not increase oil production more than planned.

OPEC+ has been gradually increasing oil production by 400 thousand barrels per day every month since July to neutralize the restrictions of 9.7 million bpd taken at the height of the COVID-19 pandemic and meets monthly to "fit" the track following the market situation.

Brent January futures by 7:00 am Kyiv time increased by $0.73 (0.91%) up to $81.27 per barrel at the London stock exchange ICE Futures. As a result of trading on Thursday, their price fell by $1.45 (1.8%) and amounted to $80.54 per barrel at the close.

WTI December futures went up by $0.80 (1.02%) to $79.61 per barrel at the New York Mercantile Exchange (NYMEX) in the morning. As a result of the previous session, their price decreased by $2.05 (2.5%) and amounted to $78.81 per barrel.

According to Interfax, a possible increase in oil production was actively discussed by the OPEC+ participants, but the risks of a drop in oil demand, in particular seasonal, as well as the risk of the spread of the Delta strain became factors “against” such actions.

Oil prices have recently hit seven-year highs but moved to a decline earlier this week on the back of data on rising US inventories. Over the week, Brent may lose about 4%, WTI – about 5%.

Tags: oil, jet fuel, coronavirus, OPEC+, negotiations, price, agreement, petroleum products, gasoline, diesel, pandemic, oil reserves

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