Recession and supply concerns have been influential in the oil market recently.
The echoes of the OPEC+ meeting continue to be felt in the markets. Negative pricing continued right after the OPEC+ meeting in the oil markets. US crude oil was below $106, while Brent oil traded below $110.
The Organization of Petroleum Exporting Countries (OPEC) and OPEC+, which is formed by countries acting together, decided to implement their previously announced 648 thousand barrels per day production increase targets for July and August without changing them. Russian Deputy Prime Minister Alexander Novak said that maintaining the target of increasing production will ensure that the markets remain balanced. Novak warned that the G7 countries’ plan to impose a ceiling price on oil imported from Russia might increase the oil price.
The Libyan National Petroleum Corporation announced that production stopped in the Sidra Oil Port, Ras Lanuf, and Fil oil fields.