OPEC+ confirms a significant increase in its oil production
The oil market started the week on a downward note, extending the withdrawal observed the previous week, in a context marked by an increase in world production. OPEC+ confirmed an increase in its production of 411,000 barrels per day in June, a decision that could inject up to 2.2 million additional barrels by November. This measure, aimed at sanctioning members exceeding their quotas, risks exacerbating fears of an overabundance on the market, thus weighing on crude prices.
Under the leadership of Saudi Arabia, OPEC+ operates a strategic turning point after years of restrictions that have reduced the production of more than 2 million barrels per day to support courses. This change, potentially motivated by geopolitical pressures or internal economic issues, appears unfavorable to oil prices and companies in the sector. However, it should benefit from discretionary consumption and mitigate inflationary pressures, welcome relief while trade tensions and the increase in customs duties will feed inflation.
