In April, the oil price fell to a four-year minimum below $ 60 per barrel after the organization of exported countries and its allies for the first time announced the goal of triple production compared to the plan.
Eight OPEC+countries, which voluntarily reduced oil manufacture, decided to increase production in July by 411 thousand b/s. This was reported by Bloomberg with a reference to its own resources. Thus, the “eight” OPEC+ in the third time makes this decision. Previously, a similar production increase was agreed in May and June. Saudi Arabia, Russia, Iraq, UAE, Algeria, Kuwait, Kazakhstan and Oman have voluntarily reduced their production by 2.2 million B/D, and since April they have planned to gradually turn these restrictions until October 2026 with a speed of 130-140 thousand B/s. But from May they have been away from this plan.
Officials said an increase in supplies reflects Saudi Arabia’s desire to punish countries of oil -produced (especially Kazakhstan and Iraq), to restore market sharing, lost due to American Shale Drillers and other competitors, which US President Donald Trump has assured Donald Trump, who has to reduce fuel prices.
In April, the price of oil in a short time fell to a four-year minimum below $ 60 per barrel after the export of exports of countries and its allies for the first time announced that they would increase the manufacture three times compared to the planned volume, despite the fact that the collapse of the demand and the trade war was destroyed.
According to the publication, although nearly 64 dollars per barrel was exchanged in Brent, the International Monetary Fund estimated that the Saudis needed prices above $ 90 to cover the generous expenditure of the Crown Prince Muhammad bin Salman crown.
“With an increase planned for July, OPEC+ will pass a little half the way to restore production to 2.2 million barrels per day, which has been suspended in recent years – a process previously planned to continue until the end of 2026. In the coming months, the group will decide how to quickly restore the remaining delivery that it is still hiding from the market,” the publication said.
Earlier it was reported that oil prices were reduced against the background of expectations of increased production
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.