International transport: new jump in black gold price
At its meeting yesterday, Wednesday, 5 October, in Vienna, Austria, the Opep+, the Organization of Petroleum Exporting Countries led by Saudi Arabia, and its allies including Moscow, announced aproduction decrease by 2 million barrels per dayfrom November. If this drop in production has been anticipated for several weeks (cf.International transport: Opep drops oil productionThere was nothing to suggest that it would be as important. The Organisation had no longer made such drastic cuts since 2020.
After a decline in recent weeks (cf.International transportation: oil returns below $100), oil prices are expected to rise again. On Monday already, while the announcement of this reduction was expected, the price of the barrel of Brent (North Sea crude), a European reference, had already increased by 5%, going back to $87.95, while the price of the WTI (West Texas Intermediate), a U.S. reference, reached $83.48. Yesterday, the price of both references was still 1.5%,over $90. If one is still far from the record of $140 in the spring (cf.International transport: oil prices fly away and fall back), at this rate, there is much to bet that the cost of the barrel will be back above the 100 dollar symbolic bar by the end of the year.
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