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According to news on May 27, OPEC and its allies are expected to reiterate their plans to increase production when they meet next week to restore more oil production that was stopped during the epidemic
.
Of the 24 analysts and traders who participated in the media survey, all but four predicted that OPEC will approve a plan to increase production by 840,000 barrels per day in July to complete the three-step process for this summer.
The process of resuming oil production of slightly more than 2 million barrels
.
Several OPEC representatives expressed the same view without name
.
This alliance led by Saudi Arabia and Russia implemented production cuts during the epidemic last year, thus providing a lifeline for the global oil industry
.
As oil consumption in China and the United States soars again, these oil-producing countries are now cautiously increasing production again
.
The crude oil market has so far easily absorbed the new production
.
Last week, oil prices in London climbed to more than $70 a barrel, the first time in two months
.
Since then, Brent oil prices have fallen, because the market is concerned about the latest epidemic in India
.
According to a report by Interfax on Wednesday, Russian Deputy Prime Minister Alexander Novak estimated that world oil demand exceeds supply by about 1 million barrels per day
.
However, many survey participants said that the alliance’s decision-making will still be affected by the uncertainty of its member Iran
.
Tehran and Washington are negotiating, which may cause the United States to lift sanctions on the country, allowing large amounts of Iranian oil to return to the world market
.
Therefore, almost all interviewees predict that OPEC and its partners are unlikely to announce their production plans after July when they meet on June 1
.
.
Of the 24 analysts and traders who participated in the media survey, all but four predicted that OPEC will approve a plan to increase production by 840,000 barrels per day in July to complete the three-step process for this summer.
The process of resuming oil production of slightly more than 2 million barrels
.
Several OPEC representatives expressed the same view without name
.
This alliance led by Saudi Arabia and Russia implemented production cuts during the epidemic last year, thus providing a lifeline for the global oil industry
.
As oil consumption in China and the United States soars again, these oil-producing countries are now cautiously increasing production again
.
The crude oil market has so far easily absorbed the new production
.
Last week, oil prices in London climbed to more than $70 a barrel, the first time in two months
.
Since then, Brent oil prices have fallen, because the market is concerned about the latest epidemic in India
.
According to a report by Interfax on Wednesday, Russian Deputy Prime Minister Alexander Novak estimated that world oil demand exceeds supply by about 1 million barrels per day
.
However, many survey participants said that the alliance’s decision-making will still be affected by the uncertainty of its member Iran
.
Tehran and Washington are negotiating, which may cause the United States to lift sanctions on the country, allowing large amounts of Iranian oil to return to the world market
.
Therefore, almost all interviewees predict that OPEC and its partners are unlikely to announce their production plans after July when they meet on June 1
.
