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    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Crypto companies are increasing spending on sports sponsorships

    Crypto companies are increasing spending on sports sponsorships

    Qualcomm and GlobalFoundries to double semiconductor production

    Qualcomm and GlobalFoundries to double semiconductor production

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    McDonald’s reopens restaurants in Ukraine after six months

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    The hedge fund Melvin Capital continues to be investigated by the SEC.

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    OPEC downgrades oil demand outlook for the remainder of 2022

    Bank of England raises interest rates to 1.75%

    Bank of England raises interest rates to 1.75%

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    How Pelosi’s trip to Taiwan could impact global markets?

    Platinum and palladium drop in price on global slowdown

    Platinum and palladium drop in price on global slowdown

  • Markets
    Five Chinese state-owned companies to delist their shares on Wall Street

    Five Chinese state-owned companies to delist their shares on Wall Street

    Saxo Bank: UK is becoming an emerging market

    Saxo Bank: UK is becoming an emerging market

    The hedge fund Melvin Capital continues to be investigated by the SEC.

    The hedge fund Melvin Capital continues to be investigated by the SEC.

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    OPEC+ raises oil production target by 100,000 barrels per day

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    Inflation in the eurozone was 8.9% in July

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INVESTOR TIMES
Home Markets

OPEC+ raises oil production target by 100,000 barrels per day

The increase is moderate, however, it is a nod to the request for an increase from Western countries

Eric Nesich by Eric Nesich
8/3/2022 - 11:03
in Markets, News
Reading Time: 2 mins read
Share on FacebookShare on TwitterShare on LinkedIn
  • OPEC+ agreed to increase crude oil production by 100,000 bpd.
  • However, the increase is considered small.
  • Oil prices rise after this news.

OPEC+, which brings together the Organization of the Petroleum Exporting Countries and its allies, decided to raise its September production target by 100,000 barrels per day.

Oil prices show gains after the news is known. Brent is up 2% to 101.88 dollars. Meanwhile, WTI is up 1.62% to $96.

“The very limited availability of excess capacity requires that it be used with great caution in response to severe supply disruptions”, the agency said in a statement released after the monthly teleconference.

This OPEC meeting was the first after Joe Biden’s visit to Saudi Arabia. In this meeting, the first US president met with Mohamed Bin Salman (the country’s crown prince). Biden formally requested that Saudi Arabia be allowed to increase oil production. The reason why the US President is speculating on a drop in crude oil prices is also political: He wants oil to fall before the mid-term elections in his country.

The 100,000 bpd increase on the day of the date is equivalent to 0.1% of global crude oil consumption. It is very small, although it can be read as a minimal concession to Biden’s request (who is supported by the other G7 countries in his oil policy, which is being affected by the energy conflict with Russia)

The global economic slowdown is one of the main factors behind the lack of a greater possibility of an increase in production. A considerable increase would have lowered crude oil prices, a fact that OPEC+ does not support. The prices of Brent and WTI crude oil jumped upwards once this news was known.

The White House made a statement on the matter through Amos Hochstein, President Biden’s energy security envoy “It’s a step in the right direction,” he told CNN in an interview. “Our primary focus is not on the number of barrels but on lowering prices,” he said. “And there I think we’re in good shape, and we’re going to continue to work to bring it down further,” the U.S. official concluded.

Tags: Crude oilOPEC oilRussian oil and gas

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