OPEC + Agrees To Gradual Increases In Production

Baghdad A source in OPEC + announced the agreement of its countries to adhere to its policy based on gradual increases in oil production that was agreed upon last July.

OPEC + expects global demand for oil to grow by 5.95 million barrels per day in 2021, after a record drop of about nine million barrels per day in 2020 because of the Covid-19 pandemic, demand grew by about three million barrels per day only in the first half of 2021.

Brent crude futures rose five cents to $71.70 a barrel, after losing 42 cents on Tuesday.

US West Texas Intermediate crude futures fell seven cents to $ 68.57, after falling 1 percent on Tuesday on expectations of lower demand, after the closure of six refineries in Louisiana after it was hit by Hurricane Ida.

Last August, oil prices recorded their first monthly loss since last March, but prices are still not far from the high levels recorded last July.

The outlook for 2022 looks optimistic based on 2021 data.

The United States called last month for a faster pace of production increases from OPEC +, at a time when the benchmark Brent crude is trading above $ 72 a barrel, near the highest level in several years.


Source: National Iraqi News Agency