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Oil prices sit tight as OPEC+ plan disappoints

Category: Economy

Date: 2022-06-03T05:49:23+0000
Oil prices sit tight as OPEC+ plan disappoints

Shafaq News / Oil prices moved in a thin range on Friday as markets shrugged off the decision of OPEC+ to increase production and questioned whether the incremental output could make up for lost supply from Russia and meet China's growing demand amid easing COVID restrictions.

U.S. West Texas Intermediate (WTI) crude futures dropped 29 cents to $116.58 a barrel at 0408 GMT, while Brent crude futures were down 15 cents at $117.46 a barrel.

A decision on Thursday by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to boost output by 648,000 barrels per day (bpd) in July and August, instead of by 432,000 bpd as previously agreed, was seen as hardly enough for a tight market.

The increases were divided proportionally across the member countries, but with Russia included in the pact and members such as Angola and Nigeria already failing to meet their targets, analysts said the supply increase was likely to be less than the announced volume.

(Reuters)

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