Oil prices drop with the expectation of an increase in OPEC+supplies in November

Oil prices fell due to the signals that the “OPEC+” coalition in November would again increase production, which was limited last week. West -texas -Inintermediate rough dropped 3.4% to settle near $ 63 a barrel, the biggest decline since June, while Brent ruol has closed below $ 70. The “OPEC+” coalition studies the increase in production with no less than the planned increase for the next month, which according to the people who know the plans on the plans. And if this increase has increased the offer in a market in which a surplus is already expected, it will also lead to further investigation into the coalition members who reach the boundaries of their productive ability. An increase of 137 thousand barrels a day, analysts at RBC Capital Markets, including Hillima Cruvelt, in a note, citing the decision to be made at the Alliance meeting on October 5: “We see that the frequency of the gradual addition of 137 thousand barrels per day for the month of November is the most likely result.” Read the details: “OPEC+” tends to increase oil production in November. Analysts added: “Since many producers, with the exception of Saudi Arabia, have reached the maximum production, the future OPEC+ supply increases will be much lower than the most important numbers.” Crude oil is still on the way to earn monthly and quarterly profits, even with the Organization of Petroleum Exporting Countries (OPEC) and its allies a strategy to restore their market share instead of price management. Oil has supported strong purchases to store oil in China, as well as geopolitical tension. Today’s decline also reflects a decline from the highest levels of last week, when traders covered the purchase centers before the weekend to hedge the increasing threats of Russian energy infrastructure. Also read: China’s accumulation of oil reserves confuses the accounts of traders in Singapore, a standard expected surplus oil in 2026 expected the International Energy Agency a record surplus in the offer in 2026 with the continuation of “OPEC+” to revive production, and with the increase in the offer of the group’s competitors. Meanwhile, the Goldman Sachs Group expected the Brent -Ru price to fall to the middle of the Fift next year, although China has stored crude oil. Oli Hansen, head of the commodity strategy at Saksu Bank, said. Also read: Iraq resumes the oil export of Kurdistan after two years of stops Meanwhile, in Iraq, in recent days, oil has flowed through a pipeline that transports crude oil from northern the country to a station in Turkey, to a hiatus of more than two years. Amer -Muhairi, general manager of the Northern oil company, said that the resumption of exports through this line is still resumed by this line. In another context, US President Donald Trump said that Israeli Prime Minister Benjamin Netanyahu agreed to a 20 -point plan aimed at stopping the battles between Israel and Hamas. About a third of the world’s supplies in the Middle East can lead to the expiry of some war bonuses from prices.