The advice given by the oil alliance OPEC plus on future oil production drove the oil price up on Thursday, but then dropped it sharply.
At times, North Sea Brent oil cost less than $ 66 on Thursday afternoon, and later there was a certain countermovement.
Just recently the price had been over $ 80.
Christian Siedenbiedel
Editor in business.
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After their deliberations, the oil states announced that they wanted to maintain the planned increase in oil production by 400,000 barrels (159 liter barrels) per day in January.
There had previously been speculation that the planned increase in production could be suspended in the first few months of the coming year due to the drop in oil prices and an expected oversupply.
That had driven the price of oil up and down.
The ministers of OPEC plus announced that they will keep a close eye on the global corona development and the market situation "and make quick adjustments if necessary".
An internal paper that was circulating expects a supply surplus of 3 million barrels per day for the first quarter of 2022, and for March even 3.8 million barrels, significantly more than previously expected.
The main reason for this is the opening of the oil reserves of some industrialized countries.