Oil continues its upward momentum after the critical OPEC+ meeting.
The production increase decision from the OPEC+ meeting did not satisfy the oil market.
A flat outlook was seen on the week’s last trading day in US crude oil and Brent oil. US crude oil was traded at 116 dollars and Brent oil at 117 dollars. Another factor driving the pricing this week was the EU’s embargo decision on Russian oil. The European Union (EU) member states approved the new sanctions package, which includes the official decision to ban oil imports from Russia.
The OPEC+ group decided to increase oil production by about 648 thousand barrels per day in July. In the statement made by OPEC, it was stated that a stable and balanced market for crude oil is essential, considering the purchases will increase after lifting restrictions.