Oil prices in New York ended on Friday at their highest level since mid-October 2018, near $ 70 per barrel, driven by the contained supply policy of OPEC + and the increase in demand in the United States.
In New York, a barrel of WTI for July rose to 69.62 dollars, 1.17%.
Meanwhile, the Brent of the North Sea for August closed at 71.89 dollars in London, with a gain of 0.81%.
“Strong oil prices will not go away” and will be “sustained by disciplined supply from OPEC + and enthusiasm at the prospect of stronger demand during the summer,” summed up Louise Dickson of Rystad Energy.
“The main driver of prices … is OPEC + ‘s decision to progressively increase the world’s oil supply” and not suddenly turn on the taps, said Ipek Ozkardeskaya of Swissquote Bank.
Opec + members decided to keep pace with increasing their crude production for July, without giving any indication of the following months or addressing the potential return of Iranian oil to the market.
The current strategy consists of a progressive increase between May and July that adds up to almost 1.2 million barrels per day, to which is added one million barrels voluntarily withdrawn by Saudi Arabia at the beginning of the year.
Opep +, an alliance sealed at the end of 2016 between the 13 States of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and ten allies, including Russia, held a first meeting of the monthly monitoring committee of the current group production reduction agreement (JMMC) and then held a brief ministerial summit.
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