Oil closes higher despite OPEC+ production plan; Offer Remains Restricted

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Oil storage tank in Menton, Texas

Laura Sanicola. By

(Reuters) – Crude oil closed higher on Friday, in support of hopes that OPEC’s decision to raise production targets slightly higher than planned will not increase the amount of global supply it is expected to rise further. that China relaxes restrictions related to Covid.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a grouping known as OPEC+, agreed on Thursday to increase production by 648,000 barrels per day (bpd) in July and August, instead of the 432,000 bpd agreed.

Brent crude rose $2.11, or 1.79%, to $119.72 a barrel. US crude oil (WTI) rose $2, or 1.71%, to $118.87 a barrel.

US Crude is heading for its sixth weekly gain as tight supplies in the United States prompted a reduction in fuel exports or a tax on oil and gas producers.

The increase in output could be less than the promised amount, because OPEC+ split the increase among its members and included Russia, whose output is falling because of sanctions and because some buyers of its products due to Ukraine’s invasion. are saved from.

(Additional reporting by Sonali Paul in Melbourne and Muyu Joo in Singapore)

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