OPEC+ refused to increase production; oil prices rose by 2%

The OPEC+ cartel of oil exporting states announced a delay to the end of December of a planned production increase in November. This led to a 2% increase in world oil prices. The decision was expected, and over the past five days oil prices have risen by 6.1%.

The reason for the decision, designed to prevent prices from falling, was cited as a decrease in oil purchases by China, as well as the unpredictability of the market. Another minor factor is the upcoming presidential elections in the United States.

In early December, OPEC+ sector ministers will hold consultations at the organization’s headquarters in Vienna. At this meeting, a decision will be made on possible changes in production in 2025.