On the eve of the meeting of the OPEC member countries + the price of oil of the American brand WTI reached a seven-year maximum. At the London Stock Exchange ICE, the cost of December futures for this fuel on October 4 at the peak was $ 77.26 per barrel – for the first time since November 2014.
The price of oil WTI grade grew throughout the day and updated the record at the time of publication news. The cost of Brent oil also increased. During the bidding on October 4 at the peak, she broke the record of 2018 – the cost of December futures was equal to $ 81.44 per barrel.
During the day October 4, the delegates of OPEC + anonymously informed the Bloomberg agency that the alliance would hardly increase the oil production plan – the country will continue to increase the amount of fuel produced by 400 thousand barrels per day per day. Later, a document was published confirming this information: upon completion of the meeting, members of the association stated that they would adhere to the previous agreements.
In 2021, oil prices have already soared by 50 percent. The organization of oil exporters is under pressure from large consumer countries, such as the United States and India, which require additional supplies to reduce prices. At the same time, the lack of natural gas stimulates the transition of global economies into petroleum products for heating and production, increasing the overall demand for them. Bank of America predicted oil rise in price to 100 dollars this winter.