The oil price on the world market continues to decline, which is more or less due to the growth of oil refining in China.
Brent oil futures for January delivery fell by 0.82% to $ 81.5 a barrel.
Meanwhile, WTI January futures fell by 0.79% to $ 79.06 a barrel.
According to data released by the State Bureau of Statistics of China, the country's oil production in January-October increased by 2.5% compared to the same period last year, and compared to 2019 - by 4.2% and amounted to 166.19 million tons. In addition, natural gas production has increased by 9.4% on an annual basis since the beginning of the year, while coal production has increased by 4%.
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 this year, unanimously decided to follow the plan and not to increase oil production more than planned.
