Oil prices opened the weekly trading on Monday with a decline, with the imminent increase in the supply of crude in global markets by the “OPEC +” alliance, starting from the beginning of next month.
The alliance will begin in early August to ease production cut restrictions by 400,000 barrels per day that will be pumped to the markets, to settle the production cut at 5.4 million barrels per day from 5.8 million barrels currently.
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The alliance aspires to continue easing production restrictions by an additional 400,000 barrels per day in the coming months.
Reaching a reduction of zero barrels by September 2022, but that depends on the state of the market.
By 06:41 GMT, the price of Brent crude futures for October delivery fell 1.16 percent, or 85 cents, to $ 72.58 a barrel.
The prices of US West Texas Intermediate crude futures for September delivery also fell 1.26 percent, or 91 cents, to $71.16 a barrel.
And on Sunday last week, the coalition agreed to extend the production cut agreement until the end of 2022.
The agreement, which began in early May 2020, was scheduled to expire in April 2022 before announcing its extension.
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Crude prices are also affected by fears of the return of economies around the world to impose restrictions on many sectors, with the continued spread of the Indian Coronavirus globally.
