The organization will barely increase pumping by 100,000 barrels a day, the smallest increase in its history
Pressure from the West in the face of strong tensions from the unstoppable rise in energy prices has had no response from OPEC. The members of the organization of the largest oil exporters and their allies decided yesterday to increase their joint production from September next year. But only at 100,000 barrels of crude oil per day. This is a minimal increase, one of the smallest in its history, that will hardly affect the price and is a long way from the 648,000 barrels per day increase agreed in June for the July and August pumping.
So the decision expects only minor relief for a highly stressed market, although it is true that crude oil prices have fallen from highs in recent weeks.
The reaction in the market was immediate. The price of a barrel of Brent, a benchmark in Europe, went from the falls in the early morning hours to rise above 100 dollars after the publication of the OPEC statement. And while it was later in the red, analysts expect prices to remain high in the coming weeks.
Following this rather symbolic response, OPEC+ production will rise to 43.955 million barrels per day from September. Saudi Arabia and Russia will account for the largest production volume, supplying 11.030 million barrels per day respectively.
Listed companies in the oil sector responded with gains, supporting general gains in European stock markets. In Spain, the Ibex-35 ended the session with a 0.5% lead, at least pushing the indicator back to levels above 8,100 points.
Investors got a break from macroeconomic data after it was announced that the services PMI maintained a positive evolution in July, standing at 53.8 points. While the figure represents a drop from last month’s 54 points, it still remains in the expansion zone, withstanding the impact of inflation and the deterioration in economic expectations.
In yesterday’s session, the biggest gains were for Fluidra (+6.56%), PharmaMar (+3.28%), BBVA (+3.24%), IAG (+2.63%), Aena (+2 .40%). At the bottom of the table were Acciona (-2.54%), Enagás (-1.93%), CaixaBank (-1.80%), Sabadell (-1.42%).
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
