OPEC+ plans to increase oil supplies in October, but demand must also increase to support prices. The news sent the price of Brent crude oil to its lowest in seven months, dv.ee writes. /nginx/o/2019/04/22/11968549t1hd87f.jpg)
Fuel. Photo: Tairo Lutter
OPEC+ plans to increase oil supplies in October, but demand must also increase to support prices. Against this backdrop, the price of Brent crude oil fell to its lowest level in seven months, dv.ee writes.
Global oil demand growth must accelerate in the coming months or the market will not be able to cope with the increase in oil supplies that OPEC+ (Organization of the Petroleum Exporting Countries) plans to begin in October, according to Reuters.
If economic growth slows further, it will likely slow oil demand growth, forcing OPEC+ to either shelve its plans to increase production or accept lower prices.
Read more at dv.ee.
