Following the decision, prices rose again to $ 117, having fallen earlier to $ 112.6.
Increase in oil production The members of the Organization of the Petroleum Exporting Countries and their allies (OPEC +) agreed on 648,000 barrels per day for July and August.
The OPEC decision was made after months of international pressure from Western governments, especially the United States, to halt the oil price rally.
Despite the new data brought by the war, accelerating the rally in the international prices of black gold, the oil-producing countries under the informal leadership of Saudi Arabia resisted the prospect of opening the taps, arguing that there are no real shortages in the markets. justify such a move.
However, they actually enjoyed the high income that was accumulated in their coffers after the period of lean cows brought by the pandemic.
Until now, the OPEC + countries have been producing a monthly increase of about 440,000 barrels per day each month, in a gradual adjustment of production to pre-pandemic levels.
Following the decision, prices rose again to $ 117, having fallen earlier to $ 112.6.
It is worth noting that in recent months OPEC + follows the plan to increase by 432,000 barrels per day.
This is a significant change in the strategy of the OPEC + group, which ignored calls for greater production growth, even after the start of the war in Ukraine.
OPEC + ‘s refusal to deviate from the original plan and channel more oil into the market is one of the reasons why oil prices hit a record high last month.
