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Oil prices decline as “OPEC +” adheres to production plans
Shafaq News/ Oil prices fell on Thursday, after profit-taking, but remained supported by supply shortages as OPEC + producers stuck to moderate planned production increases.
Brent crude was down 17 cents, or 0.19 percent, at $89.30 a barrel by 04:34 GMT after rising 31 cents on Wednesday, and US West Texas Intermediate crude was down 35 cents, or 0.40%, at $87.91 a barrel, after rising 6 cents in yesterday.
Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have pushed oil prices up about 15% this year so far.
Prices also came under pressure late on Wednesday after Iran's oil minister said his country was ready to return to the oil market as soon as possible.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, better known as OPEC+, agreed on Wednesday to stick to moderate increases of 400,000 barrels per day in their oil production, as the group already struggles to meet current targets and despite pressure from major consumers to ramp up production more quickly. .
The organization blamed the price hikes on the failure of consuming countries to ensure adequate investment in fossil fuels as they switch to greener energy.
The OPEC + Joint Technical Committee said in a report that it expects the total surplus in 2022 to reach 1.3 million barrels per day, slightly lower than its previous forecast of 1.4 million barrels per day.
The US Energy Information Administration said on Wednesday; US crude stocks fell by 1 million barrels last week, against expectations of an increase, while distillate stocks also fell amid strong demand in both domestic and export markets.
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Brent crude was down 17 cents, or 0.19 percent, at $89.30 a barrel by 04:34 GMT after rising 31 cents on Wednesday, and US West Texas Intermediate crude was down 35 cents, or 0.40%, at $87.91 a barrel, after rising 6 cents in yesterday.
Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have pushed oil prices up about 15% this year so far.
Prices also came under pressure late on Wednesday after Iran's oil minister said his country was ready to return to the oil market as soon as possible.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, better known as OPEC+, agreed on Wednesday to stick to moderate increases of 400,000 barrels per day in their oil production, as the group already struggles to meet current targets and despite pressure from major consumers to ramp up production more quickly. .
The organization blamed the price hikes on the failure of consuming countries to ensure adequate investment in fossil fuels as they switch to greener energy.
The OPEC + Joint Technical Committee said in a report that it expects the total surplus in 2022 to reach 1.3 million barrels per day, slightly lower than its previous forecast of 1.4 million barrels per day.
The US Energy Information Administration said on Wednesday; US crude stocks fell by 1 million barrels last week, against expectations of an increase, while distillate stocks also fell amid strong demand in both domestic and export markets.
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