In order to boost the global economy, 23 countries of the world have come forward once again. These are the 23 countries, which have more than half of the world’s oil in their hands. Yes, we are talking about OPEC Plus countries here. Sources in OPEC+ quoting Reuters said that OPEC+ may agree to increase oil production on Sunday, although this increase may be less than October due to decrease in global demand. OPEC+ has completely overturned its strategy of production cuts from April.
Also, the quota has already increased the quota, about 2.4 per cent of global demand, to increase market share amid pressure to reduce oil prices by US President Donald Trump. But this rise has not been able to affect the oil prices, which is trading at around $ 66 per barrel due to Western sanctions on Russia and Iran, promoting further increase in oil production by rivals like the United States.
What kind of announcement can be announced
The agreement made on Sunday to increase production from October will mean that OPEC+ will start to terminate the second installment of about 1.65 million barrels per day after the first installment completely since April. Reituating two sources quoting Reuters, informed that the talks focused on ending the 1.65 million barrels per day cut in monthly growth and the group has been theoretically reached an agreement to increase production by at least 135,000 barrels per day from October. A third source said that this increase could be between 2,00,000 to 3,50,000 barrels per day. In its previous meeting in August, OPEC+, which produces about half of the world’s oil, increased the production for September by 5,47,000 barrels per day.
How much crude oil prices are
OPEC+, which includes the organization of petroleum exporting countries, Russia and other allies, will start an online meeting on 12:30 GMT on Sunday. Brent crude futures closed at $ 65.50 per barrel on Friday, due to weak US employment report and hopes of increasing production by OPEC+ by OPEC+. This is still up from $ 58, the lowest level of 2025 seen in April. The special thing is that OPEC Plus is now reducing the production slightly.
There is also a reason for that. Most of the members are busy producing close to their capacity. He has not increased any special increase in production. This is the reason that only Saudi Arabia and the United Arab Emirates are supplying more oil in the market. OPEC has still continued to cut 1.65 million barrels by two -level eight members, and 2 million barrels per day by the entire group by the end of 2026.