OPEC+ member states – including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman – once again decided to increase the extraction of raw material. The aforementioned group is currently responsible for about half of the world oil production. Usually, her actions focused on deliberate reduction of extraction to maintain prices at a high level, but recently the strategy is the opposite.
Reuters points out that the current course is partly a response to the demands of Donald Trump, the president of the United States, who appealed to increase the supply of oil. The intensification of production began in April, when the daily production increased by 138 thousand. barrels. The following months brought more significant increases – from 411 thousand. Baryłek a day in May, June and July, up to 548 thousand Baryłek in August.
Despite these activities, oil prices remain relatively high. Last Friday, the price of Brent oil closed at around $ 70. for a barrel.
