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Under pressure, the Organization of the Petroleum Exporting Countries (OPEC) agreed to increase its oil production after a flash meeting.
It took 11 minutes of meeting for OPEC to agree to increase its oil production. For 432,000 barrels of oil per day produced in the previous months, 648,000 will be produced daily in July, an increase of around 50%. “The objective is clear: supply more oil to lower prices“, explains journalist Mohamed Mezeraï. If the Covid had lowered prices, they have increased drastically since February and the start of the war in Ukraine.
The recent announcement of a European Union embargo on Russian oil has heightened fears of a shortage. Enough to change OPEC’s mind, which underlined in a press release “the importance of stable and balanced markets. “After the announcements, crude prices rose by almost 1%“, specifies the journalist. Good news and a gesture which could relax the markets and reduce the concern aroused by the embargo.
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