OPEC+ agrees to the July increase in oil production by 411 thousand. barrels a day

OPEC+ agreed on Saturday to increase oil production in July by 411 thousand. Baryłek per day (BPD), which is as much as in May and June, because a group of oil producing countries still increases supply faster than previously planned.

Eight OPEC+ countries increases production faster than planned since May, although the additional supply has been charged to prices. The strategy of the leaders of the Saudi Arabia and Russia group is partly aimed at punishing overproducing allies and regaining market share, Reuters said.

In a statement issued after the OPEC+ meeting, as a reason for July growth, he gave “stable global economic perspectives and current healthy market foundations, reflected in low oil reserves.”

OPEC+ pumps about half of world oil and includes members of OPEC and allies such as Russia.

Oil prices dropped to the lowest level in April in four years, to below 60 USD for a barrel after OPEC+ announced that the increase in production in May, and US President Donald Trump's duties aroused concerns about global economic weakness. Prices closed just below USD 63 on Friday.

According to Reuters, among analysts published on Friday, it is estimated that the world demand for oil will increase by an average of 775 thousand. Baryłek a day in 2025, while the International Energy Agency in its latest forecast provides for an increase of 740,000. barrels a day. (PAP Biznes)

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