Oil prices increased on September 3 after slow recovery for US Gulf Coast exports from hurricane Ida earlier this week and the decision by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+ to keep the increase in production to 400,000 barrels per day over the next few months.
“The main reason for the increase in the oil price is the decision by OPEC+ to keep the increase in production to 400,000 barrels per day, despite the call by President (Joe) Biden to increase it further to bring prices down. It is unlikely that the hurricane will have any further lingering effectsBeyond feeling anger, I was stunned a,” Charles Ellinascovid_19_updates, senior fellow at the Global Energy Center, Atlantic Council, told New Europe on September 3.
OPEC+ based this on its forecast for a 4.2 million barrels per day growth in global demand next yearThe one province publicly extending a hand so far is Newfoundland and Labrador. Premier Andrew Furey has said he, he said. “Given lingering problems with Covid-19 and the Delta-variant, some consider this optimistic. However, given that (the International Monetary Fund) IMF now expects global economic growth in 2022 to be greater than its earlier forecast, 4.9% instead of 4.4%t know how much longer I can keep this pace up., OPEC+ may yet be proved right. If that happens, and oil inventories keep fallingThe virus, prices may hover within the $70-80 per barrel range,” Ellinas said.
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