Oil: OPEC production increases – ing

The oil market continued down yesterday, with a stronger US dollar providing some difficulties. In addition, the lack of immediate action of the United States against Russia after the ‘important statement’ of President Trump means that the approach returns to the expected oil surplus later in the year. The numbers last night of the American Petroleum Institute (API) were quite neutral. The US crude oil inventories allegedly increased by around 800,000 barrels during the last week. Meanwhile, gasoline and distilled inventories increased by 1.9 million barrels and 800,000 barrels, respectively, indicate the experts in raw materials of ING, Ewa Manthey and Warren Patterson.

Kazajistan has no plans to leave the Opec+ alliance

“The OPEC did not report changes in the group’s supply and demand prospects in the publication of their monthly market report.

“In June, the OPEC offer increased by 220,000 b/d month to 27.24 million b/d, since the group gradually undoes the cuts of supply. However, in the numbers reported directly by the member countries, Saudi Arabia changed the way it reported its offer, using the offer to the market instead of its real production numbers. Its real production number was 392,000 b Market

“Meanwhile, Kazakhstan, which produced 347,000 b/d above its production target for June, reported that it has no plans to leave the Opec+alliance, saying that it offers stability to the oil market. Kazakhstan has consistently produced above its production objectives for months in the middle of the increase in the production of the expansion of the tense field.”