HomeEconomyOil prices respond to...

Oil prices respond to OPEC+

Photo: Getty images

At OPEC+ we decided to maintain the work expansion rate for the third month later, which has somehow assured the market participants, who are afraid of a more significant increase.

Oil prices in the world have risen slightly against the background of OPEC+ Solution+ to maintain the previous extraction speed. This is proven by trading data on Monday morning, June 2.

Thus, the cost of August futures to various Brents in the exchange of Ice Futures London according to 10:30 in KYIV was $ 64.27 per barrel, which was $ 1.49 (2.37%) higher than the closing of the previous trade.

WTI oil futures for July at the New York Model Exchange (NYMEX) electronic auction increased in price of $ 1.71 (2.81%) to $ 62.50 per barrel.

As found on May 31, eight OPEC+ countries (Saudi Arabia, Russia, Iraq, the UAE, Algeria, Kuwait, Kazakhstan and Oman), previously limited oil production by 2.2 million used, decided to increase oil quotas in July 411 thousand barrels each day.

As Reuters recalls, OPEC+ maintains the work expansion rate for the third month in the next few months, which has somehow assured market participants who are afraid of a greater increase.

“If the Alliance decides to increase production further, the opening of the oil market on Monday will be really bad,” said anyx capital group analyst Harry Chilingaryan.

It is noted that the main metabol is dedicated to punishing OPEC+members, such as Iraq and Kazakhstan, who have continued to exceed their promised quotas.

Kazakhstan, meanwhile, has announced the OPEC that he does not intend to reduce oil production.

According to analysts, Goldman Sachs, OPEC+ will finally increase the manufacture of 410 thousand barrels daily in August.

Traiders also closely monitor the influence of lower prices for raw oil in the United States, which in March reached a maximum record of 13.49 million barrels per day.

Last week, the number of existing oil platforms in the United States was reduced for the fifth week of the next – up to 461, the lowest in November 2021, Baker Hughes said in a weekly report on Friday.

Earlier it was found that Russian oil revenues fell to a two -a minimum. Various grades now trade in the market for about $ 52 per barrel.

News from CORRESPONDENT.NET On the telegram and whatsapp. Subscribe to our channels https://t.me/KorresPondentNet and WhatsApp

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

The DPRK was promised by the “unclear” Poddjakke of Russia in the war against Ukraine

Russian military criminal, secretary of the Russian Council Sergey Shayga, visited Phogyan, where he met with Kim Jong. He promised him that the DPRK would support Russia, in particular, in the war against Ukraine. The parties discussed a joint operation in the Kursk...

In Pryluky, RF Postal House -Topl in the leader of the leader

In Pryluky, a hostile drone hit the house of the head of the local fire department. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } His family was killed: his wife,...

Russians were pushed to Constant and could be shot by a garden from artillery

The Russians have advanced towards Konstantinovka and are already shooting from artillery Ukrainian positions near the city. This is indicated in the report of the Institute of Military Research (ISW). .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px;...