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On Tuesday, oil prices decreased when the market participants weigh the possibility of making the decision of OPEC+ further increase in crude oil production at the end of this week.
Anadolu | Anadolu | Gets the image
Eight OPEC+ Alliance countries could go for as much as 411,000 barrels a day in July, two OPEC+ delegates reported, CNBC reported, continuing the rapid unwinding of voluntary production cuts.
The markets are waiting for the final decision in July production with eight countries – the manufacturers in the river weight of Russia and Saudi Arabia, as well as Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates – established to consider market conditions and nomination of their results on May 31.
These countries carry out two sets of voluntary production cuts.
One, worth 1.66 million barrels per day, operates by the end of next year. According to the second, the countries reduced their production by 2.2 million barrels per day by the end of the first quarter. Since then, they have agreed to gradually increase production by a joint 1 million barrels per day in April-June, including 411,000 hiking per day each of this and next month.
OPEC+delegates, who commented anonymously, given the sensitivity of the discussions, said CNBC that the next increase in 411,000 barrels per day could be agreed.
Market attention is increasingly departing from official unanimous OPEC+ quotas – which group left unchanged Thursday – to breed eight voluntary finishes. Recent demand is usually selected in the summer, given the higher consumption of jet fuel and gasoline for seasonal trips, as well as increase raw materials to produce electricity for conditioning in several countries of the Middle East.
This can support the oil cost that fought amid a wide uncertainty market caused by US tariffs.
Ice Brent futures with a shelf life in July traded $ 65.31 per barrel at 12:44 pm in London, which is 0.63% compared to a close price on Thursday. The Spell of the Nymex’s front month amounted to $ 62.22 a barrel, which is 0.61% compared to the previous day.
