In full market participation reconquest, Saudi Arabia, Russia and six other oil producers met within the OPEC+ agreed to increase their production by 547,000 barrels per day, this Sunday, August 3.
The world consumes around 100 million barrels, containing 159 liters of oil every day. Therefore, it is an increase corresponding to 0.6% of the daily consumption of black gold.
In the short term, this additional offer could help stabilize bomb prices (1.62 euros per liter of diesel and 1.66 euros per liter of gasoline) that are at a low level compared to the last five years.
This turning point, began in recent months, occurs when the main black gold producing countries have raised prices by organizing a rarefaction of the offer through several production cuts.
The Brent course, a global reference, is currently evolving around $ 70. We are far from the peaks with $ 120 reached in the spring of 2022 after the Russian invasion of Ukraine. The organization of oil exporting countries and its allies (OPEC+) now prefers to focus on the reconquest of the countryside.
The latter believes that oil demand will continue to increase to the middle of the century. On the contrary, the International Energy Agency anticipates the stabilization of demand by 2030, due in particular to the distribution of electric cars.
Uncertainty
Shaking on the side of the demand for the erratic commercial policy directed by Donald Trump and on the side of the offer by the global geopolitical tumults that threaten the supply, the future of the oil market is difficult to predict for experts.
The last turn, the US president gave a period of “ten days” to Moscow on Tuesday to end the conflict in Ukraine, under penalty of US sanctions against Russia.
The White House tenant markedly attacked India, the second importer of Russian barrels with around 1.6 million barrels per day since the beginning of the year. India said he intended to continue obtaining his supplies from Russia, despite US pressures.
Source: BFM TV
