OPEC members+ can raise oil production by 411,000 barrels per day

Two OPEC+ OPEC delegates said that eight oil -producing countries in the OPEC+ coalition can raise the output by 411,000 barrels per day in July.

The markets are awaiting a final decision in production in July, where the eight countries – heavyweight producers, Russia and Saudi Arabia, were appointed alongside Algeria, Iraq, Kazakhstan, Kuwait and Oman the United Arab Emirates – to review the market conditions and the production steps on May 31.

These countries implement two groups of volunteer production discounts.

The first, which is a total of 1.66 million barrels per day, is valid until the end of next year. Under the other, the two countries reduced their production by an additional 2.2 million barrels per day until the end of the first quarter. They have since agreed to gradually increase production by one million barrels per day during the month of April to June, including 411,000 barrels per day in all this next month.

Opec+ representatives, who theoretically suspended in the sensitivity of discussions, told CNBC that it is possible to agree on another increase of 411,000 barrels per day in July this week.

The market attention has increased in the unanimous formal shares of OPEC+ – which the group Leaving On Thursday – to relax the voluntary edges of the eight members. Raw demand is usually escalated during the summer, due to the high consumption of jet fuel and gasoline for seasonal travel, as well as increases in burning crude to produce electricity to air conditioning in many Middle East countries.

This can provide support for oil prices that fought amid the broader uncertainty in the market resulting from the American tariff.

Ice Brent Futures was traded with expiration in July 65.31 a barrel at 12:44 pm London time, an increase of 0.63 % over the closing price on Thursday. The NYMEX WTI contract in the front month was $ 62.22 a barrel, which is 0.61 % higher than the previous day settlement.