img

News

Oil slightly cheaper after OPEC+ decision to increase production

img

06 June 2022

World oil prices fell slightly on Friday morning, remaining above $117 per barrel. This is evidenced by the auction data, the Azerbaijani news agency Report reports.
A day earlier, oil rose in price after the OPEC+ decision to increase oil production, but now investors are largely rethinking the consequences of this decision, according to trading data and analyst comments.
 Thus, the price of August futures for Brent crude fell by 0.34%, to $117.21 per barrel, July futures for WTI — by 0.49%, to $116.3.
 A day earlier, oil rose in price after the OPEC+ countries decided in July and August to increase oil production more intensively: instead of the planned monthly increase of 432 thousand barrels per day, there will be 648 thousand barrels per day.
OPEC+ explained its decision by the need to meet the growing demand for oil in the world, and not by a decrease in production in Russia due to Western sanctions.