Price Obek+ ended at least several years later they fell of Climate the increase in production for June. During the Asian session on Monday, Brend’s future fell up to 4.6%, which was up to $ 58.50 per barrel (51.62), the western texas intermediate future declined by nearly 5%, and at one point the barrel (49 euros) at one point, the lowest from the year 2021.
On Saturday, eight members of Obek+ agreed Increase production 411,000 barrels per day (PPD) Expanding the current plan of the committee to undo production cuts that began in April next month. The accumulated increase will reach 957,000 PPD in June, which will be even more at the cost of the already pressing price as global business conditions deteriorate.
Group, which indicates around 40% of the world oil offer. Acceleration is considered a punishable measure against members who violate agreed production, including Kazakhstan and Iraq.
“The gradual increase may be terminated based on or investing in Evolution of market conditions. This flexibility panel will allow the stability of the oil market to continue to support, ”said Obeck+ in a statement on Saturday. The eight OPEC+ countries pointed out that the move would provide the opportunity to accelerate their compensation for the participating countries. “
The next committee meeting is planned June 1.
Market -Inhaled Market
Crude prices are declining throughout the year, now More than 20% fell from mid -January. This slope is partially operated by US President Donald Trump’s favorable position, Climbing of world trade war And an increase in tensions between the United States and China. The downward trend intensified after Trump announced mutual fees in early April. Increasing in OPEC+ production is accompanied by rough sense in fossil fuel markets.
Analysts are now looking at crude Mainly. “At this time, the perspective is more driven by the demand because the Saudi has effectively removed the steering wheel as the distribution,” said Kyle Roda, a senior analyst of Australia.com, Capital.com. “Now they are no longer. Obac+ will increase production. Any price regeneration is due to the improvement of growth conditions, which is connected to the US business policy in the immediate future.”
Crude prices fell more than 7% last week –The largest weekly fall in a month– As the demand perspectives weaken in the middle of the current business war between the United States and China. The latest economic data Of the two largest economies in the world, the situation has worsened due to the impact of high fees. The US economy shrunk in the first quarter, while the labor market indicators point to the recession. In China, the world’s largest oil importer, production activities fell to its lowest level in 16 months.
Oil operators are now carefully continuing carefully Evolution of business relations between Washington and Beijing. During an interview with NPC on Sunday, Trump pointed out that China could cut fees for China, “at one point,” he said: “If not, you can never do business with them, and they want to do a lot of business.”
Friday, Beijing said it was Evaluate the ability of business negotiations with Washington. “The US has recently sent messages through China related parts Start conversations with China“The Ministry of Commerce said.” China is currently evaluating it. “
