ANKARA – Oil prices slightly fell today as Opec+ countries agreed to increase July output by 648,000 barrels per day (bpd), reported Anadolu Agency.
International benchmark Brent crude was trading at US$117.12 (RM514.27) per barrel at 3.10pm Malaysia time, a 0.42% decrease after closing the previous session at US$117.61 a barrel.
American benchmark West Texas Intermediate was at US$116.27 per barrel at the same time, a 0.51% loss drop after closing the previous session at US$116.87 a barrel.
The 23-member Petroleum Exporting Countries’ Organisation (Opec) and allies, known as Opec+, agreed yesterday to lift output by 648,000 bpd in July, up from 432,000 barrels in recent months.
The decrease in oil price remains minimal as experts believe the decision to raise daily production falls short of closing the gap that has been created by Russia’s decreased output, and will be inadequate to meet global demand.
EU leaders have also agreed to cut 90% of oil imports from Russia by the end of 2022.
Meanwhile, Covid-19 restrictions ended in Shanghai, China on Wednesday after two months under lockdown. Fuel demand is expected to increase in the country, adding to fears of tight global supply. – Bernama, June 3, 2022
