On June 2, oil prices rose by more than $1 a barrel after OPEC+ countries decided to increase production in July by the same amount as in each of the previous two months. About this informs Reuters.
Brent crude futures were up $1.34, or 2.13%, at $64.12 a barrel after falling 0.9% on Friday. West Texas Intermediate crude rose $1.52, or 2.5%, to $62.31 a barrel, offsetting a 0.3% drop in the previous session. Both contracts lost more than 1% of their value last week.
OPEC+ decided to increase oil production in July by 411,000 barrels per day — this is the third month in a row with such an increase. The main goal is to restore market share and sanction countries that exceed the established quotas.
“The main focus is on punishing OPEC+ members, such as Iraq and Kazakhstan, who consistently exceed their promised quotas,” Commonwealth Bank of Australia said in a statement.
Goldman Sachs predicts that OPEC+ will also increase production by 410,000 barrels per day in August. Traders are also closely watching the situation on the American market: crude oil production in the United States in March reached a historic high of 13.49 million barrels per day, and current prices may affect the rate of further growth.
It will be recalled that at the end of May, oil prices began to decrease against the background of expectations of the OPEC+ decision to increase production.
