2025-05-05 07:46
publication
2025-05-05 07:46
Oil prices on the Fuel Stock Exchange in New York dive after the OPEC+ Alliance countries agreed to another significant increase in the supply of raw material. The supply of oil increases when the demand for energy is exposed to the trial due to the effects of the trade war in the world – the brokers inform.
A barrel of West Texas Intermediate in delivery on VI costs at Nymex in New York 56.16 USD, below by 3.65 percent. Brent on ICE on VII is valued at USD 59.25 for a barrel, after a discount by 3.33 percent.
OPEC+ Alliance countries had a meeting on Saturday to determine their oil supply policy for June. Manufacturers from OPEC+ agreed to increase the supply of oil in June the second month in a row, this time at 411,000 barrels a day – the group said.
Saudi Arabia, i.e. the leader in OPEC+, warned the members of the group who are currently overproduction of the limits established for them that if they do not comply with the principles specified by the group, it may result in the further increase in oil supply by OPEC+.
OPEC+, which includes the organization of countries exporting crude oil and allies such as Russia, still limits the extraction of almost 5 million barrels a day, and many of the cuts are to apply until the end of 2026. The group plans to organize a full ministerial meeting on May 28.
“The increase in oil supply from OPEC+ simply will not be absorbed by the market,” said Ayay Parmar, director of oil markets analytics at ICIS.
“The increase in fuel demand is weak, especially after the recently applied customs tariffs by the US on their trading partners,” he added.
(PAP Biznes)
AJ/ ASA/
