OPEC+ Disappointment in the Oil Market
Burc Oran
June 3, 2022
OPEC+ may cut oil production

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.

Stay informed with market news by subscribing to our reading list.

FTD Articles is a website prepared by FTD Limited's research team. FTD Limited is an online brokerage company offering products of Forex, Spot Metals and CFDs.
The ideas and the information shown here have no responsibility of any of the trading decisions made by the investors or the visitors of this site. Therefore, under no circumstances will FTD Limited nor FTD Articles be held responsible or liable in any way for any claims, damages, losses, costs or liabilities resulting or arising directly or indirectly from the use of website content. We recommend that you seek advice if you have not involved with trading before in order to prevent potential risks that may arise.

WARNING

Due to your regulatory authority, unfortunately, we cannot offer you our margin trading services.