Crude prices are stable in trading with the beginning of the European session trading today, Thursday, the second of September (September), where Brent crude is trading at levels of $71.64 per barrel, up by 0.07%, while American crude (NYMEX) is rising by about 0.04%, trading at $68.62 levels. barrel after the agreement of the Organization of the Petroleum Exporting Countries and its independent producing allies outside the organization, led by Russia, in the alliance of what is known as OPEC + at its meeting yesterday, Wednesday.
OPEC + maintained its policy of gradually restoring supplies to the market and adding 400,000 barrels per day to the market starting from next October, as was planned in last July’s meeting, while the ministerial meeting welcomed the rate of commitment with oil production adjustments, which reached 110% last July. The organization will hold its next meeting on the fourth of October.
Russian Energy Minister Novak announced that he expects the global oil market to fully regain its activity next year, and that the organization has accomplished the task of getting rid of the surplus in the global oil market, and that the market is in a state of equilibrium, and OPEC + does not see any need to amend the current oil policy.
On the other hand, official data issued by the US Energy Information Administration yesterday, Wednesday, showed a decline in US oil stocks in the last week ending on the 27th of August by 7.2 million barrels, compared to expectations that indicated a decline of 4.4 million barrels to reach the lowest level since September 2019 at 425.4 million barrels.
In details, gasoline stocks rose by 1.3 million barrels, while expectations were for a decline of 1.6 million barrels. On the other hand, stocks of distillates, which include heating fuel and diesel, decreased by about 1.7 million barrels.
06/11/2024
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