Various oil -producing states from the ranks of the OPEC+ decided to expand production in July in their most recent meeting. However, this step should not really influence oil prices.
The OPEC members and their cooperation partners (OPEC+) would increase their joint daily production in July with 411,000 barrels (each 159 liters), said it in a message after an online meeting of the group. This decision was made “in view of the stable global economic predictions and the currently healthy market basic principles,” said the group.
Roads are gradually reversed
In recent months, the eight states had already decided to increase 411,000 barrels for May and June. The most recent step was already expected by the markets and, according to analysts, should not have much influence on oil prices.
According to the recent data in the group, the OPEC+ produced around 40.9 million barrels per day in April. In recent years, the eight core states of the cartel had drunk their production with 2.2 million barrels (each of 159 liters). Since April the group has started to turn these cutbacks step by step.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
