Due to the possibility of using oil from strategic reserves in the US and several other countries, the price of raw materials in the world market has fallen.
Brent January futures price fell by 0.49% to $ 79.31 a barrel.
Meanwhile, WTI January futures fell by 0.04% to $ 76.19 a barrel.
The Japanese government has begun discussing the use of strategic oil reserves to stabilize prices. Another country has joined the Joe Biden coalition, trying to lower world oil prices by selling state supplies.
Due to the declining demand for oil caused by the coronavirus pandemic, OPEC + has reduced production by 9.7 million barrels per day since May last year.
With the stabilization of the situation, oil production has more or less resumed. From August 2021, the Alliance increased oil production by 400 thousand barrels per month.
Since then, the organization's member states have met every month and discussed the production plan for the coming month.
The OPEC + ministers, at a meeting on November 4, 2021, unanimously decided to follow the plan and not to increase oil production more than planned.
