Oil drops after the new OPEC + agreement

by **RamblerNash** Mon Jul 19, 2021 8:34 pm

oil

07/19/2021

Economy News - Baghdad

Oil prices fell during Monday's trading, after "OPEC" and allies managed to reach an agreement on production and end the division that occurred during the past weeks .

According to the agreement, “OPEC +” production will be increased by 400,000 barrels per day on a monthly basis, starting in August, provided that market developments and the performance of the participating countries will be evaluated in December .

It was also agreed to adjust the basic level of production for “OPEC +” from 43.853 million barrels to 45.485 million barrels per day as of May 2022 .

He stressed , "RBC Capital Markets , " RBC Capital Markets in a note that the agreement gives market participants a sense of reassurance and that the group will not be heading towards a messy break -up , according to the agency "Reuters ".

In terms of trading, the futures contracts for the benchmark “Brent” crude for September delivery fell by 0.8% to $73.04 a barrel, at 09:05 AM Mecca time .

US "NYMEX" crude contracts for August delivery fell 0.8% at $71.22 a barrel.

https://economy-news.net/content.php?id=25718