London-Sana
The Organization of the Petroleum Exporting Countries and its allies agreed today to adhere to the policy of pumping monthly increases in oil production, despite fears that its prices will fall again as a result of the United States withdrawing from its reserves of crude and the new strain of the Corona virus.
According to Reuters, OPEC Plus announced an agreement to increase production by 400,000 barrels per day, as part of a gradual reversal of the record production cuts agreed by producers in 2020, when the demand for oil plummeted due to the pandemic.
The agreement to abide by this arrangement and add 400,000 barrels per day in January led to prices falling below $ 67 before recovering a little.
Brent crude fell more than a dollar after the agreement was announced, to be trading below $ 70 a barrel, far from its highest level recorded in October, above $ 86, and prices in November already recorded the largest monthly decline since the beginning of the pandemic.
The OPEC Plus bloc has resisted US demands to increase oil production at a faster pace to support the global economy, lest the oversupply harm the fragile recovery in the energy sector.
