OPEC wants+ pumping his way up

It seems that the OPEC+ oil -producing Cartel has a new talisman in time for the summer: just go with the flow. Now, oil pumps flow.

On Sunday, the leaders of the 22 countries will meet through the video conference to agree on production levels next August, and most industrial monitors expect to continue walking long distances in line with the increase that has already been offered in production so far this summer. However, experts warn that the group may eventually get a raw awakening of its newly flowing position.

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About two years after Reducing production to support low prices (and Even going to the extent to punish the members Who came out of the line), this year, the oil cartel faces a new problem: the stake in the market is shrinking, thanks to a new flood of American rock producers. In fact, US crude oil production has never set a record in April, according to the recent data issued by the Energy Information Administration. OPEC+, by immediately approved the increase in production by 411,00 barrels per day in May, June and July – accelerated much faster than previously agreed.

Evidence indicates that many countries have paid to those borders. The leader of the realistic group in the Kingdom of Saudi Arabia, as well as the neighbors of Kuwait and the United Arab Emirates last month, spent 11.9 million barrels of crude oil per day on the tankers, According to the data tracking of the ships collected by BloombergOn the occasion of the highest average since April 2023. A member of the Nation Nation Kazakhstan, which has developed a reputation for excessive pumping, corresponds to the highest level of production ever in June, According to a source speaking with Reuters.

It has proven to increase the supply enough to tame prices even at a time when the geopolitical conflict shakes the region:

• Brent crude prices rose slightly on Tuesday and Wednesday due to some positive demand indicators, such as Modern data from Caixin This showed manufacturing activity in China that returned to the expansion zone in June. However, Brent crude prices were closed at $ 69 a barrel on Wednesday, much lower More than $ 80 per barrel After the United States, air strikes were seen in Iran last month.

• “We still believe that OPEC volunteer producers will have with another stage of accelerated barrels for a period of three months, even with sharp sales in prices after Iranian climbing and subsequent shooting,” Helima Croft, head of commodity strategy at RBC Capital,, Written in a seen report By Bloomberg.