Oil prices fell today, Friday, following… The OPEC + alliance decided to increase production targets by a little more than plannedHowever, global supply shortfalls and increased demand as China eased Covid-19 restrictions curbed the losses.
Brent crude fell 85 cents, or 0.7%, to $116.76 a barrel, following rising two dollars during Thursday’s trading. US West Texas Intermediate crude fell 88 cents, or 0.8%, to $115.99 a barrel, according to “Archyde.com”.
The OPEC + bloc, which includes the Organization of Petroleum Exporting Countries (OPEC) and independent oil producers, including Russia, decided to increase production by 648,000 barrels per day in July and August, instead of 432,000 barrels per day, according to a previous agreement.
And government data revealed yesterday, Thursday, that US crude stocks fell more than expected in the week ending May 27, and fuel stocks fell, defying expectations of an increase.
According to “Archyde.com”, Russia’s oil production is currently regarding one million barrels per day less than its quota specified in the OPEC + agreement.
The Wall Street Journal reported on Tuesday, quoting delegates from OPEC, that members of the organization were discussing the idea of suspending Russia’s participation in the agreement, as Western sanctions harm its ability to increase production.
