Oil prices rose again on Monday, strengthened by a postponement of the OPEC+ alliance's production increase as well as by threats made by the Iranian authorities against Israel.
At any time, the situation in the Middle East risks setting black gold prices on fire. A barrel of Brent from the North Sea for delivery in January appreciated by 2.71%, to close at $75.08. A barrel of American West Texas Intermediate (WTI) due in December gained 2.85%, to $71.47. The benchmark American variety thus recorded a fourth positive session in a row.
For Andy Lipow, of Lipow Oil Associates, this new boost is primarily due to the decision of eight members of the OPEC+ group to postpone the increase in their production by one month. This is the second postponement after a first postponement from October to December.
The Organization of the Petroleum Exporting Countries and Russia decided on Sunday, November 3, not to increase their supply as they had planned, in order to combat the fall in prices. On November 4, when markets opened, the barrel of Brent rose 2.5%.
These eight countries, including Saudi Arabia, the most influential country in the Organization of the Petroleum Exporting Countries (OPEC), and Russia, a partner in the OPEC+ agreement, have planned to gradually return to 2.2 million barrels of production cuts. The start of this process must therefore now take place at the beginning of January, and no longer at the end of December as planned so far.
With AFP
