WTI crude futures fell below $94, while Brent fell $100 ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus today
As of 6:18 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in September. It traded on the NYMEX minus $0.78, or 0.82%, to $93.64/barrel. Brent crude oil dropped $0.94, or 0.93%, to $99.60/barrel.
OPEC Plus will hold a meeting on oil production policy today. The meeting will begin at 6:30 p.m. Thai time.
The OPEC Plus meeting will consider production policy for September. After a resolution to increase production by 648,000 barrels / day in August.
The source stated that OPEC to maintain production in September or may be slightly increased from August
on the Kazakhstan side OPEC Plus, a member of OPEC Plus, said OPEC Plus should increase production to avoid overheating in the oil market.
“We always say the price that OPEC Plus wants is between $60-80/barrel. But now the price is $100, so we should increase production so that the market is not overheating,” Kazakh Oil Minister Bolat Akchulakov said.