OPEC+ Boosts Oil Production, Prices Hold Steady
OPEC+ has decided to increase oil production by 137,000 barrels per day in November. This decision, announced on Monday, has had a moderate impact on global oil prices. Brent crude is trading around $65.60 per barrel, while WTI crude prices are near $61.45.
The OPEC+ group, which includes Russia, chose not to add as much oil to the market as initially expected. This decision led to a slight rebound in oil markets. The benchmark diesel price, used for most fuel surcharges, recorded its biggest one-week decline in about two months. The Department of Energy/Energy Information Administration average weekly retail diesel price also declined, falling 4.3 cents per gallon to $3.711. Ultra low sulfur diesel on the CME commodity exchange saw a significant drop of about 19.25 cents per gallon in just five days of late September/early October trading.
OPEC+ has confirmed it will increase output by 137,000 barrels per day in November, the same amount as planned for this month. This decision has had a moderate effect on global oil prices, with Brent crude and WTI crude prices remaining relatively stable. Diesel prices, however, have seen significant declines in recent weeks.
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