OPEC decides to increase oil production

The Organization of Petroleum Exporting Countries (OPEC) countries and other nations that also participate in the group’s meetings have decided to increase daily production of barrels of oil by 400,000 barrels per day for the month of October 2021, the group said in a statement. on Wednesday (1).

After cutting production at the start of the pandemic when demand dropped significantly, OPEC has followed a plan established in July this year to increase monthly oil production by 400,000 barrels a day by the end of 2022.

“Although the effects of the covid-19 pandemic continue to generate some uncertainty, market fundamentals have strengthened and OECD inventories continue to fall as the recovery accelerates,” said OPEC.

The United States is pressing for increases in oil production and thus a fall in the value of the commodity in the face of a shortage that they may experience in the near future.

A barrel of Brent oil is valued at US$72, around R$370, and its price also influences the price of fuel in Brazil.

Edition: Arturo Hartmann

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