Crude oil prices rose Monday evening in Asia to their highest level in 3 years. Today’s OPEC+ decision has brought the crude oil prices further upwind.
WTI crude oil rises to $78.02 per barrel at 10:37 PM (GMT+7).
Brent crude oil rises 3.24% to $81.69 per barrel.
OPEC+ announced today that it will not increase oil production any further. Thus, it remains at the production rate increase of 400,000 barrels per day decided in July. The OPEC+ justifies its decision with the connected uncertainty in relation to the next COVID wave. At the moment, OPEC+ does not want to take any risks here. Previously, the U.S. government had tried to persuade OPEC+ to further increase oil production.
As a result, the crude oil supply chain remains tight. Hurricane Ida in the Gulf of Mexico and neglected oil production facilities have created a supply deficit which has sent oil prices upward since then.