Opec+ increases oil production and prices fall more than 4%

The Futures of the ee. UU crude oil have experienced a fall of more than 4% after the announcement of Opec+ of a new increase in production. This agreement, which has been specified in a growing range of crude, responds to a context of decrease in oil prices, which have fallen more than 20% so far this year.

In detail, Opec+, led by Saudi Arabia, has decided to increase production by 411,000 barrels per day in June, a figure that triples the initial forecasts of Goldman Sachs, which had estimated an increase of 140,000 barrels. This increase in production adds to the one that had already been established for May, which represents more than 800,000 additional barrels that will enter the market in a period of two months.

Market impact and perspectives

Oil prices have reflected the greatest monthly loss since 2021, in a context where the rates imposed by the Donald Trump administration generate concerns about a possible recession that could limit demand. The combination of a significant increase in the offer by Opec+ and the economic uncertainty in the US. UU. It has led to considerable pressure on crude oil prices.

Petroleum service companies, such as Baker Hughes and SLB, anticipate a decrease in investment in exploration and production due to this weak prices environment. Lorenzo Simonelli, CEO of Baker Hughes, has pointed out that the perspective of an overeated oil market, together with uncertainty in Mexico and weaknesses in the activity in Saudi Arabia, are restricting investment levels in international production.

Large oil companies, such as Chevron and Exxon, have also reported profits in the first quarter they have fallen compared to the same period of the previous year, a direct effect of the fall in oil prices. Goldman Sachs foresees that the prices of American crude and Brent average 59 and $ 63 per barrel, respectively, during the year.