Oil prices are on their way to register the biggest weekly loss since the end of June, before an “OPEC+” meeting that is expected to lead to the return of more vessels to the market, at a time when there are concerns about a surplus in the market offering. Brent -Ruolie traded about $ 64 a barrel during the week, while the West Texas middled crude oil dropped to below $ 61. The coalition is expected to meet online over the weekend to decide on the production path, and this could discuss increasing supplies in the framework of the coalition’s efforts to restore its market share. There are already early indications of the rise of a global surplus in the market, while the international energy agency expects this surplus to be increased to a record level next year, partly with the return of OPEC+production. Some Wall Street expected Brent prices to fall to a series of $ 50 a barrel. Increasing the production of “OPEC” in September showed a survey for “Bloomberg” that “the Organization of Petroleum Exporting Countries (OPEC) increased its production by 400 thousand barrels a day in September, to formally move back from the voluntary cuts made by the organization and its allies in 2023. “We believe that September was a turning point, as the oil market is now on its way to a big surplus.”
Oil prices are on the way to record the biggest weekly loss since June
