Oil, Opec+ surprisingly increases production by 137,000 barrels per day

New increase in crude oil production for the Opec+, which at today's meeting decided on an increase of 137,000 barrels per day from October. A decision that the eight cartel countries (Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman) took 'in view of a stable global economic outlook and the current solid market fundamentals, as reflected by low oil stocks'.

In any case, Opec+ will continue to 'closely monitor and assess market conditions' and to 'adopt a cautious approach, maintaining maximum flexibility to suspend or reverse further voluntary production adjustments', clarifies the organisation itself, whose next meeting is scheduled for 5 October.

By increasing oil production even by a small amount, the eight key countries of the alliance have thus indicated that they are prepared to endure a price drop below USD 60 per barrel in exchange for market share gains, after their production had already increased by 2.2 million barrels in recent months. "Opec+ took the market by surprise today: instead of stopping, the group showed ambition with an increase in production. The barrels may be small, but the message is important,' said Jorge Leon, analyst at Rystad Energy reported by Afp.

Oil prices are currently hovering around $65-70 per barrel, after falling 12% this year, as global producers outside OPEC+ increase supply and tariffs curb demand. However, the analyst added, 'the move raises questions about unity: countries like Russia depend on high prices to finance their war machine, while others are willing to test lower prices to gain market share'.