OPEC will increase crude oil production "It will return to pre-US-Iran war levels"

In May the OPEC+ production and went down a 33.13 million barrels per day dai 42.77 million of February. He began to recover in June thanks to the efforts of United States to help them United Arab Emirates and other nations Opec+ to export more petroliumbut it is still below the pre-war levels. Despite the persistent supply interruptionsi crude oil prices have returned to pre-conflict levels, driven by the decrease in Chinese importsby increased exports from non-Middle Eastern producers and a record release of global strategic stocks coordinated byInternational Energy Agency.

“Il G7 continued to reduce the production cutsas widely expected,” said a Reuters the analyst of Ubs Giovanni Staunovo. He added: “The short-term focus will remain on how many PETROLEUM they will be able to cross it Strait of Hormuz and on the speed with which the request and the Chinese crude oil imports they will recover.”

The role of the memorandum between Washington and Tehran

Also the memoranda d’intesa Between Washington e Teheran to put an end to guerra contributed to convincing industry operators that theoffer will eventually return to normal levels.

Brent price trend

Friday the prices of Brent they settled around 72 dollars a barreldown from recent peaks of over 120 dollars and returning to the levels recorded shortly before theUS and Israeli attack on Iran of the February 28. In addition to agreeing the production goalsl’Opec+ is facing more challenges following the release of the United Arab Emirates from the group and the request from theIraq Of higher odds.

Members and production management

L’Opec+ comprehends 21 membersincluding theIranbut in recent years only seven nations – and the United Arab Emirates until their exit – were involved in the monthly management of production. These seven producers – Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan e Oman – are increasing production as part of the gradual reduction of cutting 1.65 million barrels per day agreed in 2023when the group still included the United Arab Emirates.