Oil prices have declined since trading opened on November 3 in London, as industry data indicated strong growth in black gold and distillate stocks in the United States, the world’s largest consumer of oil. At the same time, the pressure on the Organization of Petroleum Exporting Countries and its partners in the OPEC + format, which are expected to increase production, has increased, Reuters reports.
In the first hour of the trading session, futures for Brent crude oil fell by 1.13% to $ 83.76 per barrel, American WTI crude – by 1.53% to $82.63 per barrel.
“Oil is getting cheaper after the American Petroleum Institute (API) reports rising reserves for the sixth week in a row, and the administration of (US President Joe) Biden uses every possible persuasion and requests from OPEC + before opening its own strategic fuel reserves,” he said in an interview with British news agency Edward Moya of OANDA.
Joe Biden, speaking at the global climate summit in Glasgow, criticized a group of oil cartel members and OPEC partners, saying that oil and gas prices are rising because OPEC + “does not want to extract more raw materials.”
The world’s leading liquid hydrocarbon producer will meet next Thursday to review its production policy and is expected to confirm plans for a monthly increase.
US crude and distillate stocks rose 3.6 million barrels last week, while gasoline stocks fell, sources said, citing API data last Tuesday.
As a reminder, within the framework of the OPEC + agreement limiting oil production, its participants, including Russia, have been increasing oil production every month by 400 thousand barrels per day since August. Russia is adding 100,000 barrels per day every month. The RF quota for October is about 9.8 million barrels of oil per day, excluding gas condensate, the production of which is at the level of 0.7-0.8 million barrels per day.