VIENNA / LONDON (IT BOLTWISE) – OPEC+ has decided to slightly increase its oil production at the end of the year in response to the stable economic forecasts. This decision comes at a time when global oil inventories are low and demand fluctuates seasonally. However, a strategic pause will be taken in the first quarter of next year to take into account the seasonal decline in oil demand.
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OPEC+, an association of major oil producers, has announced that it will moderately increase its oil production in December. This decision is based on stable economic forecasts and low inventories, which require an adjustment of production volumes. The alliance, which includes Russia and Saudi Arabia, plans an additional daily production of 137,000 barrels. This measure is intended to ensure market stability and respond to current economic conditions.
However, OPEC+ will not expand production further in the first quarter of next year. This strategic pause is typical of the time of year, as global crude oil demand is traditionally lower in the first few months of the year. This decision reflects the seasonal pattern and shows OPEC+’s adaptability to changing market conditions.
The recent price development on the oil market is also influenced by the American sanctions against Russian oil companies. These sanctions, imposed in response to the Ukraine war, affect both Russia and key customers such as India and China. The impact of these sanctions on oil prices is currently difficult to determine precisely, but they add to uncertainty in the market.
OPEC+ is responsible for around half of global oil production, with a daily demand of around 100 million barrels. Petroleum remains a central aspect in the discussion about the global climate crisis, as its reserves are only sufficient for a few decades. The OPEC+ decisions therefore have not only economic but also ecological implications that are attracting worldwide attention.
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