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On August 3, the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing countries formed a coalition to reduce production (OPEC+) announced the production increase plan for September
OPEC's reason for the announcement was limited spare capacity in oil-producing countries
At present, unlike previous months, the crude oil market is under greater downward pressure
In terms of inventories, after Europe and the United States replenished their inventories in response to energy shortages, crude oil inventories in major countries rebounded rapidly
On the demand side, due to the economic downturn, the demand for crude oil in various markets is not strong
At a time when supply, inventories and demand are in such a situation, it is actually difficult for oil prices to maintain the high level when the EU increased sanctions on Russia in July
