Kuwait and Iraq will support the plan to increase oil production by 400,000 barrels per day at the OPEC+ meeting on Thursday, even though the United States once again called for an increase in oil supply to cool rising oil prices.
Kuwait’s Oil Minister Mohammad Abdulatif al-Fares said on Monday that Kuwait supports OPEC+, which consists of the Organization of Petroleum Exporting Countries (OPEC) and its allies, has agreed to plans to increase global oil supplies.
Iraq’s state-owned oil sales company SOMO said on Saturday that Iraq believes that the planned increase in production is sufficient to meet demand and stabilize the market.
As oil production increases, the price of chemical products is expected to fall, and the price of PVC used by our company will also drop, reducing the cost of power cords, which will benefit our customers.
Post time: Nov-02-2021