He presided over summer gas prices, as Saudi Arabia accepts “less evil” than cheap oil

• OPEC+ enhances oil production and tank prices with summer travel peaks in the United States.

• The Saudi OPEC leader aims to restore the market share amid American rock competition and slow Chinese demand.

• Analysts say oil prices may remain less for a longer period in increasing OPEC production.

Gas prices in the pump may become completely cheaper as Americans hit highways Summer travel.

During the weekend, OPEC+ The shaken markets by announcing that they flood the market with more oil. Eight producers, including the heavy Kingdom of Saudi Arabia and Russia, are planning to increase production by 548,000 barrels per day in August-expecting easily 411,000 barrels.

This step led to a decrease in oil prices on Monday, which is a sharp contradiction with the increase in prices last month caused by the rise Tensions in the Middle East.

American standard West Texas Medium Futures for crude oil were 1.4 % lower at $ 66.05 a barrel at 12:08 am Brent crude Futures were 0.7 % less at $ 67.83 a barrel.

Prices fall on the right with the start of the peak summer season, as millions of Americans reach the road, and when the demand for air conditioning rises.

The average gas was 3.16 dollars per gallon in the United States on June 30, a decrease of 11 % of the same time last year, according to energy information management. About half the cost of a gallon of gas comes from crude oil.

It will translate a single dollar per barrel in the price of crude oil into a decrease of 2.4 cents per gallon of gas, according to the measurement of the effect of the impact.

OPEC+ said it raises production thanks to “fixed global economic expectations and the basics of the current health market, as shown in low oil stocks.”

But analysts see something bigger in playing. The extensive increase in the number of outputs is seen as an offer by Cartel Oil Cartel to devote the market share in the face of intense competition from the American rock demand and the agreement of prolonged slowdown in China.

OPEC leader in OPEC, in particular, appears to be ready for low oil prices to maintain their hegemony. This position comes even with the appreciation of the International Monetary Fund in the Kingdom of Saudi Arabia that oil prices are more than $ 90 a barrel to balance its budget.

“The most softened oil prices may be” less evil “for Saudi Arabia, OPEC+, and the global economy can be said, all the things that have been considered,” Fishno Varathon, head of macro research in Mezzoho, with the exception of Japan, wrote in the Monday note.

Low prices may help President Donald Trump It calls for cheaper oil, and the effect of its pioneering inside OPEC and the broader Middle East.