OPEC + have confirmed the original plan to increase production

Oil prices fell on Thursday, with the price of Brent oil sliding closer to $ 71 per barrel (159 liters). The markets thus reacted to the decision of the OPEC + oil producer group to leave its plan to increase production unchanged. At the same time, the number of people infected with the new coronavirus is increasing, and several American refineries, a key source of demand for oil, remain out of operation after Hurricane Ida. On the other hand, the decline in oil prices was only slight, as OPEC + did not give in to US government demands to increase production even further. The price of the Brent North Sea oil mixture with delivery in November reached USD 71.32 (EUR 60.36) per barrel by 7:17 CEST. Compared to the previous deadline, this represents a decrease of 27 cents. The price of American light oil WTI with the October contract also fell. It reached 68.26 USD / barrel, which means a decrease of 33 cents compared to the previous deadline. OPEC +, which includes the countries of the Organization of the Petroleum Exporting Countries (OPEC) and other producers, led by Russia, decided on Wednesday to pursue an agreed plan to gradually increase production. Under it, OPEC + increases production by 400,000 barrels per month from August to the end of December each month. The US administration recently called on OPEC + to increase production more significantly. The United States is concerned about high oil prices, which are pushing for fuel prices. However, the US administration eventually reacted to the group's decision to continue at the originally set rate of increase in production, stating that "it is pleased that OPEC + will continue to grow production." On the other hand, oil prices are being pushed by an increasing number of those infected with the new coronavirus, and analysts fear possible new lockdowns. In addition, refineries in the US state of Louisiana will need several weeks to restart after it has swept through Hurricane Ida in recent days. The result is large-scale power outages, water supplies and refinery shutdowns. Such a development is likely to reduce the demand for oil in the area.