upon successful completion of the negotiations OPEC+ Saudi Arabia has canceled almost all the discounts on oil, which provided customers in Europe and Asia after the beginning of a price war with Russia, writes Bloomberg.
As evidenced by price list company, the increase was the most serious in almost two decades and primarily affected the July shipments to Asia.
Actions of the Kingdom indicate that it is trying in any way to raise oil prices to acceptable levels. The state-owned company Saudi Aramco de facto is a price regulator in the middle East, so Riyadh hopes that her example will be followed by other producers in the region.
on Saturday, July 6, OPEC countries agree on the extension of the reduction of oil production at almost maximum volume. If in may and June it reached 9.7 million barrels per day in July will amount to 9.6 million, not 7.7 million as previously estimated.
This decision had a positive impact on oil prices. From the start of trading on Monday, 8 June, the price of Brent crude reached 43.5 dollars per barrel, then the prices corrected to $ 43. The last time the raw material traded at these levels was three months ago, on March 6, when it became known about the cancellation of the transaction by OPEC+. The parties entered into a new agreement in April and entered into force on it in may.
