LONDON, September 6 (TDI): The OPEC and Non-OPEC countries, OPEC plus, has agreed to the proposal to postpone increase in preset oil output for October and November, media reported Tuesday.
The decision was taken as crude prices hit their lowest in nine months and international players are looking forward to further control the prices of the petroleum.
Reports suggest that instability in the Oil prices is connected to unstable situation of the economy at the global level.
China, the world’s biggest oil importer, is another factor that affect the prices.
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Brent futures were down 18 cents, or 0.3 per cent, to $72.52 a barrel by 1739 GMT, while US West Texas Intermediate crude fell 25 cents, or 0.4pc, to $68.95.
OPEC plus stated that the group led by Russia held a virtual meeting and agreed to postpone the scheduled raise in output, planned for October.
It said Eight OPEC plus countries participated in the meeting and agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024
In October180,000 bpd hike was planned, a fraction of the 5.86 million bpd of output it is holding back, equal to about 5.7pc of global demand.
Frequent fluctuation in the oil prices across the world is not only affecting the OPEC countries or developed nations but also economy of the developing countries.
The purpose of the OPEC plus, headquartered in Vienna, is to manage the supply of oil in and stabiles the price of oil in the global market, and avoid fluctuations that might affect the global economy and that of producing and purchasing countries.
