October 6, 2021
11:31
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Oil futures rose for another trading session, reaching new multi-year highs due to concerns about global energy supplies amid a shortage of oil and natural gas and coal markets.
The rise in prices accelerated after at the beginning of OPEC and its allies, led by Russia, known as “OPEC +” confirmed the policy agreed in July for only a gradual increase in joint production, informs BNR.
This means that at least until April 2022, they will increase oil production “only” by 400 thousand barrels per day each following month to compensate for the current limit on production, which amounts to 5.8 million barrels per day. .
Brent oil futures rose for the fourth consecutive trading session, rising at the beginning of trading on Wednesday by about 0.3% to 82.80 dollars per barrel, after briefly hitting a new three-year high of 83.47 dollars per barrel (most -high level from October 2018).
US light crude futures WTI rose for the fifth consecutive trading session, rising on Wednesday to a 7-year high of $ 79.78 per barrel (the highest price level since November 2014).
Today’s new, albeit more cautious, rise in oil prices comes after European Union officials announced that Brussels was considering reforms related to the energy market.
EU Energy Commissioner Kadri Simson said the recent rise in energy prices was more related to the EU’s dependence on imported fossil fuels and their volatile prices than to European climate policies and the transition to green energy.
