Crude prices recorded declines in the opening session of the week today, Monday, August 30th, after gains of more than 10% during the past week, which were recorded by crude, as Brent crude maintains in the middle of today’s session at levels of $72 a barrel, despite its decline, and trading at levels of $72.22 a barrel is on the decline By about 0.66%, while American crude (NYMEX) is down by about 1.11%, trading at levels of $67.98 a barrel, amid anticipation in the markets for the OPEC meeting next Wednesday, the first of September, to discuss the production plan in the coming period.

This decline in crude comes in the European session today, after the intensity of the storm from Hurricane Ida receded, which is expected to affect production in the Gulf of Mexico, especially after energy companies reduced oil production from the Gulf of Mexico by about 91%, or 1.74 million barrels.
The markets are awaiting the meeting of the Organization of the Petroleum Exporting Countries and the independent producers, led by Russia, in the so-called OPEC + alliance, next Wednesday, to discuss an increase in production by 400,000 barrels, which was previously scheduled.

Kuwaiti Energy Minister Muhammad Al-Faris pointed out that the organization may reconsider the increase in oil production that it previously agreed to in this week’s meeting, with high concern about the impact of the Corona virus, but according to the delegates until the moment, this proposal has not been referred to.