Eight member countries of theOPEC+ announced on Saturday a significant increase in their oil production for the month of June, tripling the rhythm initially planned in their reintroduction plan. L’Saudi Arabiathe Russia And six other members of this organization will extract 411,000 additional barrels per day, the same increase as in May. A change compared to the initial plan, which only provided for an increase of 137,000 barrels.
This decision marks a major strategic turning point for the oil alliance. Jorge Leonanalyst at Rystad Energyqualifies this announcement as ” Bomb launched on the oil market“, Stressing that” The group changes strategy and seeks to regain market share after years of restrictions« .
A strategic turnaround with multiple motivations
This change of course could also aim to ” Improve relations with the United States of Donald Trump“, According to analysts. The American president had indeed asked the‘Saudi Arabiashortly after taking office,Increase its production to lower the prices of black gold. This new strategy contrasts strongly with the policy of restriction of the offer practiced until recently.
The organization of oil exporting countries (OPEC), directed by Ryadand its allies led by Moscow had trained in 2016 thealliance Opep+ To strengthen their influence on the world market. These 22 countries, mainly dependent on petroleum income, have so far bet on limitation of the offer to support crude prices.
Eight countries at the forefront of this new approach
The production increase in production is mainly based on eight members having previously agreed to additional reductions: theSaudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. After having long deferred the reintroduction of these volumes, these countries started the process in early April and now considerably accelerated the movement, at the risk of making more low lessons drop.
