Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
The OPEC logo is displayed on a mobile phone screen in front of a computer screen that displays OPEC icons in Ankara, Turkey, June 25, 2024.
Anadolu | Anadolu | Gets the image
Eight countries producing Oil Care+ on Saturday have agreed to raise their collective production by 548.00 barrels a day when they continue to promote a set of voluntary supply cuts.
This subset of the alliance – Russia and Saudi Arabia, as well as Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates, met digital earlier on this day. They expected that they would increase the results by less than 411,000 barrels per day.
In a statement by the OPEC Secretariat attributed the decision to increase the daily release of August 548,000 barrels, “a stable global economic forecast and modern bases of a healthy market, which is reflected in low oil reserves.”
Eight manufacturers carry out two volunteer cuts in production by the formal coalition coalition policy.
One, numbering 1.66 million barrels a day, remains in force until the end of next year.
According to the second strategy, the countries reduced production by an additional 2.2 million barrels a day by the end of the first quarter.
Initially, they sought to increase their production by 137,000 barrels a day before September 2026, but only supported this pace in April. Then the group three times increased the hike to 411,000 barrels a day in every May, June and July – and even more accelerating the rates of their increase in August.
Prices 12-day war between Israel and Iranthat threatened both Tehran and caused concern about potential disruptions with supplies that are transferred through the key Straiting the mountainu.
At the end of the session on Friday, oil futures were located at $ 68.30 per barrel for the ICE Brent contract in September-expiration and $ 66.50 per barrel for the nymex WTI.
