According to rahnam news agency, citing Reuters, the expectation of a further reduction in the supply of oil from the OPEC+ alliance has increased oil prices on Monday. Over the past 4 weeks, oil prices have decreased due to the easing of concerns about the disruption of the Middle East oil supply following the war between the Zionist regime and Hamas.
The price of a barrel of Brent North Sea oil today increased by 54 cents equal to 0.67% to 81 dollars and 15 cents. US West Texas Intermediate oil is trading at 51 cents, equivalent to 0.67% increase, to 76 dollars and 40 cents.
Both oil benchmarks rose 4 percent on Friday following reports from three OPEC+ sources that the alliance had decided to further cut production at the Nov. 26 meeting.
Oil prices have fallen by about 20 percent since late September.
Analysts of the Goldman Sachs investment bank predict that the current reduction in OPEC+ production will last until the end of 2024, and that the unilateral production reduction of one million barrels in Saudi Arabia will continue until the second quarter of next year.
Some analysts believe that the possibility of a further reduction of the OPEC+ coalition in the upcoming meeting will bring the price of American oil to 80 dollars per barrel. But if oil prices fall below $72, the Biden administration will be encouraged to replenish strategic oil reserves.
Investors are also focused on the disruption of Russian oil supply following new US sanctions against three ships that had transported Russian oil to India.
Moscow on Friday lifted a ban on gasoline exports, which could increase global supply of the motor fuel. Last month, Russia lifted the restriction on the export of diesel.
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