UBS has forecast that Brent oil prices will again reach $ 75 a barrel quest’year, predicting oil demand will exceed 99 million barrels per day by the end of the year and crude oil inventories will continue to decline, according to “Reuters”.
Oil prices fell Wednesday after OPEC + agreed to stick to its current plan for gradual increases in oil production. Brent crude fell 56 cents to $ 71.07 a barrel by 1535 GMT. West Texas Intermediate crude fell 59 cents to $ 67.91 a barrel.
U.S. crude oil inventories fell 7.2 million barrels last week to 425.4 million barrels. Analysts had expected a decline of 3.1 million barrels.
US crude prices are expected to remain under pressure as offshore oil and gas production in the Gulf of Mexico gradually picks up. But analysts said it could take weeks before the refineries in Louisiana, closed by Hurricane Ida, resume operations.
The OPEC + group concluded its meeting, today, Wednesday, with a unanimous agreement to keep the production policy unchanged, setting October 4 as the date for the next meeting of the group to review the production policy, according to a statement released by “OPEC +” .
The press release from the OPEC + ministerial meeting stated that the countries of the group confirmed the plan to increase production by 400,000 barrels per day each month, with the extension of the compensation period for countries that have not committed to production levels until at the end of December.
According to the statement, non-compliant countries will submit compensation plans no later than September 17, with the next group meeting on October 4.
Read More About: Business News