Price of oil possibly down

OPEC+ reaches agreement on higher oil production

Het verder openzetten van de oliekraan kan ertoe leiden dat de olieprijzen dalen.

Oil cartel OPEC+ has agreed to a new increase in oil production in September. The organisation, led by Saudi Arabia and Russia, will increase production by another 547,000 barrels a day, according to a statement released Sunday 3 August.

The number of barrels compares with the August target of 548,000 barrels. The further opening of the oil tap may cause oil prices to fall and, consequently, prices at the Dutch pump. In recent months, OPEC+ has increased production again to regain market share.

The production increase comes from cartel members Saudi Arabia, Russia, Kazakhstan, Oman, United Arab Emirates, Algeria, Iraq and Kuwait. Saudi Arabia accounts for most of this. The countries will meet again on September 7.

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This article was automatically translated from the Dutch language original to English (British).

Author: Redactie

Source: MobilityEnergy.com

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