The data recently published by the Consumer Price Index of Uruguay’s National Institute of Statistics shows that year-on-year inflation fell from 5.03 % to 4.09 % in November, thus completing 30 consecutive months within the tolerance range set by the Yamandú Orsi administration, which ranges from 3 % to 6 %.

The National Institute of Statistics reports that “the monthly inflation rate was 0.14 %, while the year-to-date rate was 3.74 %.”

Among the main contributors, expressed as percentage points to the overall monthly inflation rate, were food and non-alcoholic beverages (-0.06 %), health (0.03 %), transportation (0.07 %), and restaurants and accommodation services (0.04 %).

M.Pino

Source: swissinfo

(Reference image source: Zoshua Colah on Unsplash)

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In a virtual meeting, OPEC+, the eight energy ministers from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, agreed to a further increase in oil production in November, of 137,000 barrels per day.

The alliance, led by Saudi Arabia and Russia, decided on this increase in a videoconference, the eighth consecutive monthly increase, in view of the “stability of the global economic outlook and the current strong market fundamentals, reflected in low oil inventory levels.”

The Organization of the Petroleum Exporting Countries (OPEC) announced the production increase in an official statement, noting that with these increases, “OPEC+ seeks to reverse two voluntary cuts from 2023. One of 2.2 mb/d, assumed primarily by Saudi Arabia and Russia, and another of 1.65 mb/d, shared among the eight members of the group.” Once the 2.2 mb/d have been returned to the market, next month’s increase will be offset by the 1.65 mb/d cut.

Analysts point out that through these decisions, OPEC+ seeks to regain market share by assuming lower prices, rather than the policy of propping up prices through sharp production cuts.

M.Pino

Source: elnacional

(Reference image source: Raff Liu on Unsplash)

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La entrada OPEC+ agrees to increase production in November apareció primero en Bitfinance.