Oil prices extended gains on news of the latest increase plans because some traders had expected a bigger output rise in August.
The international oil benchmark, Brent crude, rose by $1.39 to $76.01 per barrel as of 7:52pm Nigerian time on Thursday. The proposed increase “would keep the market tight this summer, with still rising demand over the coming weeks”, UBS analyst Giovanni Staunovo was quoted by Reuters as saying, adding that consensus had been for an addition of 0.5 million bpd a month or slightly more.
An OPEC+ technical panel on Tuesday had said it expected oil demand to grow by 6 million bpd in 2021 but flagged risks of a glut in 2022, saying there were “significant uncertainties” including an uneven global recovery and rising cases of the Delta variant of the coronavirus. Saudi Arabia, Russia and other OPEC+ members have been cooperating closely since their big falling out in March 2020 just before the pandemic sent oil prices diving. The price crash drove them back together to forge their supply pact.
If this doesn't translate to reduction in how much I buy a litre of fuel then I don't care.
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