The “OPEC Plus” alliance is expected to hold its meeting the next day, on June 30.
OPEC Plus had agreed to increase oil production by 648,000 barrels per day in June, at the same pace in August, compared to a previous increase of 432,000 barrels.
Oil rose more than 3% by the end of trading on Friday, supported by a lack of supply, amid weekly stability in Brent prices, and a limited decrease in Nymex prices by 0.3% on a weekly basis, with continuing fears that higher interest rates may push the global economy into recession.
In a related context, the US Energy Information Administration said that the global surplus in crude production capacity in May was less than half the average in the same month last year as a result of Western sanctions against Russia due to its invasion of Ukraine.
Source: Arabic