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.
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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.