The OPEC+ Allianceled by Saudi and Russia Arabia, agreed on Sunday a new increase in the production of raw For October, of 137,000 barrels per day, an amount less than recent months due to the weakening of world demand.
“Before a global economic panorama stable and some Market Fundamentals considered solid, reflected in the low inventories of rawThe eight participating countries decided Oil (OPEC) In a statement.
This is the seventh increase since Aprilwhen the production increased by 137,000 barrels per day, then they surprised when the monthly increase (up to 411,000 BD) in May, June and July, to accelerate it in August and September (548,000 BD).
With this new climb, the OPEC+ increased since April in 2.6 MBD Its production, about 2.5 % of world demand, with the aim of strengthening its market share amid the pressures of US President Donald Trump, to lower the oil prices.
The decision has been adopted in a teleconference for Energy Ministers From Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
These eight key OPEC+ countries have reversed So cuts of their production that applied voluntarily in 2023.
Analysts see in this policy a turn in the OPEC+ strategy+, mainly driven by Saudi Arabia, in favor of Recover market share Assuming lower pricesinstead of the policy of underpinning prices through strong cuts of the extractions.
The operators of Petroleum Market They foresee that Riad will maintain the pressure to continue opening the taps, so that the alliance leaves without effect some cuts that add 1.6 MBD and that, together with others for a total of 2.2 MBD, govern until the end of 2026.
About prices volatility
Although the OPEC indicated in his statement the good situation of the global economy, analysts point out that prices fell this week due to the Concern for demand in the United Stateswhile the geopolitical and commercial risks are also present.
He barrel price of the raw Brent closed the last session of the week at $ 65.50, 2.2 % -1.49 dollars- less than at the end of Thursday, while the Texas intermediate oil (WTI) fell 2.5 % ($ 1.61), up to 61.87 dollars.
A new Increased oil supply of the OPEC+ “I would exercise one Boldist pressure significant about the oil prices“, according to the analysts of the Investment Bank Commerzbank in a note.
