The price of the barrel of Brent, a reference price for oil in Europe, falls on Monday with force and loses the level of 60 dollars after announcing the OPEC+ -Opep and external partners – an increase in its production. At the start of the week it falls 2%, at $ 59.9 a barrel, near the minimum of the year.
With the measure, the organization seeks to punish breeding countries of previous quotas and damage the finances of the operators of the frackingmainly in the US, which need higher prices for the operation to come out profitable. Accelerating production feeds the concern of an excess supply before a market affected by an uncertain demand perspective.
Pougio M. sandri
Eight of the 22 OPEC+ member countries announced on Saturday that they would produce 411,000 barrels per day in June, the same as in May, while the initial reintroduction plan provided only 137,000 additional barrels. Although he argues that the fundamental and low inventories argue, “world growth forecasts have collapsed due to the bitter commercial war between the United States and the rest of the world, and the increase in production only aggravates the problems of excess supply,” said Ipek Ozkardeskaya, an analyst at Swissquote Bank.
In the case of the WTI barrel, reference in the US, already around 57 dollars, with a 2%decrease, near annual minimums. “With oil prices lowering more than 20% since the beginning of the year, energy prices have become an important deflationary factor, even though inflation is maintained above the objectives of central banks in most developed economies,” said Deutsche Bank economists.
