Bloomberg: "OPEC+" Study the expansion of the increase in oil production

OPEC+studies the expansion of its large increase in oil production during the next month, at a time when Saudi Arabia, the largest oil producer in the alliance, tried to restore its market share. 8 Main countries in the “OPEC+” coalition agreed on the increase of 411 thousand barrels per day in each of the previous three months. A number of delegates, who have requested not to reveal their identity, said their countries are ready to consider the same increase for August at their July 6 meeting. Riyadh requested the alliance to accelerate the frequency of the prescribed production recovery despite the abundance of supply and the decline in demand, which drove oil prices to the lowest level in April in April. The fluctuations of rough markets have witnessed rough prices, sharp fluctuations since the last coalition meeting earlier this month, as it jumped to its highest level in five months, which was more than $ 80 a barrel in London, after the United States bombed the Iranian nuclear facilities, but the prizes again calmed down. Brent Futures was traded near $ 68 a barrel on Friday. Also read: Russia is open to a new increase in the production of “OPEC+” oil markets, was also witness to a remarkable shift from Russia, the most important partner in the “OPEC+” coalition, who accelerated production in July after opposing an extra increase in the previous meeting. A source familiar with Moscow’s position earlier this week said it is now more accepted for a new increase in supplies than the coalition decides to do so. When Russian Deputy Prime Minister Alexander Novak was asked on Friday about the possibility of another increase, he said: “We will look at the case during the meeting,” according to the Russian “Tas” agency. President Vladimir Putin announced at a press conference in Minsk on Friday that “production only increased to the extent we agreed in the OPEC+frame … It is designed to meet the increasing demand, especially in summer.” OPEC expectations for the growth of oil question without change for the third month. Read the details and OPEC+agree with the increase of 411 thousand barrels a day – that is, three times the amount prescribed at the beginning – for May, June and July. The delegates offered a group of motivations for this increase, including an end to excessive production members, which calms the concerns of US President Donald Trump over prices and restoring the coalition countries for their market share of US shale oil. RBC Capital LLC head Halima Koftt believes in a report that “producers with voluntary discounts in OPEC+ will continue to gradually increase production and accelerate for a three -month period, even with the sharp drop in prices between Israel and Iran,” believes Halima Koft, RBC Capital LLC.