OPEC, led by Saudi Arabia, has decided to slightly increase crude oil production to 100,000 barrels per day next month.
President Biden of the United States visited the Middle East last month and worked to increase crude oil production, but the oil-producing countries showed minimal consideration.
However, compared to last month’s and this month’s increase in production of more than 640,000 barrels per day, it remains small, and it is unclear whether it will lead to a decline in crude oil prices.
NY crude oil market rises to 96 dollars per barrel
In the New York crude oil market on the 3rd, there was a widespread perception that the increase in crude oil production next month by OPEC+, which is made up of major oil-producing countries, remained small, and the WTI futures price, which is an international benchmark for crude oil prices, rose. 1 barrel = 93 dollars to 1 barrel = 96 dollars at one point.
A market insider said, “There is a growing view that the increase in production is too small to be effective in improving the supply and demand of crude oil and curbing inflation.”
