Oil Declines As OPEC+ Sticks to Gradually Raise of Output

Published September 2nd, 2021 - 07:00 GMT
Oil Declines As OPEC+ Sticks to Gradually Raise of Output
Oil Ministers decided to stick to increase supply by 400,000 barrel-a-day monthly. (Shutterstock)
Highlights
oil prices slid on Thursday

After the meeting on Wednesday to assess the oil market, OPEC+ agreed to continue the existing gradual hiking of oil monthly supply despite the mounting worries of coronavirus cases surge and many US refiners are out of work due to Hurricane Ida.

During the video conference, Oil Ministers decided to stick to increase supply by 400,000 barrel-a-day monthly.

As soon as the news broke, oil prices slid on Thursday, Brent crude declined 52 cents, or 0.7%, at $71.07 a barrel by 0134 GMT. US oil went down 56 cents, or 0.8%, to $68.03 a barrel, Reuters reported.

Interestingly enough, The Organization of the Petroleum Exporting Countries and allies led by Russia has revised up its oil market prediction oil market ahead of the output policy meeting, amid US pressure to pump up production to save the global economy.


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