On Monday, in the morning, the barrel of the European Brent variety and the American WTI are valued at around 1.8 percent Above levels from Friday.
“Oil's quotations make up some losses from the previous weekbecause the prospect of subsequent sanctions against Russian oil after a night attack on Ukraine balanced the planned increase in OPEC+production, “writes Reuters.
The price of Brent oil is around $ 66.60. For a barrel, while the price of West Texas Intermediate oil increased to $ 63.
Oil prices. OPEC decision
A lot was happening at the weekend. OPEC+cartel, which includes the organization of oil exporting oil as well as Russia and other allies, agreed Further increase in oil production from Octoberbecause its leader, Saudi Arabia, strives to regain market share, while slowing down the growth rate compared to previous months.
OPEC+ increases production since April after years of cuts aimed at supporting the oil market, But the last decision was a surprise in the face of the likely surplus of oil in the winter months in the northern hemisphere.
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As Reuters reports, Eight OPEC+ members will increase production from October by 137 thousand. barrels a daywell below monthly increases of approximately 555 thousand. Baryłek a day in September and August and 411,000 Baryłek a day in July and June.
“The increase in production was smaller than expected, and the weakening prospects of peace in the Russian-Ukrainian war and opinions that Russian oil did not flood the market, also supported prices,” said Satoru Yoshida, an analyst for raw materials at Rakuten Securities, quoted by the agency.
Oil prices. What about the war in Ukraine?
Reminds you that at the weekend Russia has conducted the largest air attack since the beginning of the war on Ukraine, setting fire to the main government building in the center of Kiev And killing at least four people.
Donald Trump admitted that he was “not satisfied” from the current state of war, but again expressed the belief that it would end soon.
See also: It promises to be a record overproduction of oil. Market balance disturbed
In the note published on the weekend, the Goldman Sachs analysts stated that they were expecting a slightly larger surplus of oil in 2026, because the increase in supply in America will prevail over the decrease in supply from Russia and stronger global demand.
The bank has left unchanged the forecast for Brent/WTI oil to 2025 and predicts that the average price in 2026 will amount to $ 56/52. for a barrel.
