Oil prices rose to a seven-year high after OPEC+ confirmed that it would stick to its commitment to increase oil production by 400,000 barrels per day.
Oil climbed to the highest level since 2014 after OPEC+ announced it would stick to its oil production ramp-up plan. Brent crude fell to $81.45 after climbing as high as $82 a barrel. West Texas Oil rose 2.8 percent on Monday in the New York market to as much as $78 a barrel.
Those who follow the market closely think that Russia and Saudi Arabia may increase their production more than planned due to the rise in natural gas prices.
OPEC’s latest report, published in September, signaled that the global supply gap would continue in the coming months.
In the monthly report of the institution, it was stated that oil consumption continued to recover despite the delta variant threat, while crude oil production in the North Sea, USA, and Mexico was lower than expected.
In the report, it was emphasized that the global economic recovery significantly increased the demand for oil in the first half of the year, but this dynamic would slow down towards the end of the year, and the general trend was positive.
Saudi Arabian monthly oil export revenues hit $18.93 billion in July, the highest since 2018 after prices soared more than 10% in June. Saudi Arabia, whose oil export revenues decreased to 6.5 billion dollars in the period of March and April 2020, when the epidemic was most intense, saw the highest figure since the beginning of the epidemic in June 2021 by increasing its oil revenues gradually, but could not reach the 2019 levels.
West Texas Oil for November delivery rose 0.4 percent to $77.89 a barrel on the Nymex market.
Brent oil for December delivery rose 0.5 percent to $81.63 a barrel on the London ICE Futures Europe market.
