- The United States is speaking with OPEC members that have spare capacity
- The United States is confident that the OPEC countries will soon increase production
- The US may continue to roll out strategic reserves after October
US declarations are pushing oil prices lower. However, it is worth remembering that the stockpiles have been very much drained and are being reduced by about 1 million barrels a day! Moreover, many OPEC members, even those with spare production capacity, may not be able to increase production further, as current production levels stand near all-time highs. Moreover, US oil processing is also approaching historic peaks in terms of the use of refining capacity. The oil market is very tight.
OIL.WTI prices pulled back, however it is worth remembering that they are merely declarations that do not necessarily have to translate into actual measures that will change the situation on the market.. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
