Oil prices rose sharply after the OPEC decision

On Friday, oil prices rose sharply after OPEC members agreed on an increase in production. By 18:43 Moscow time, August futures for Brent crude oil rose by 1 dollar 49 cents to 74 dollars 54 cents a barrel. The price of August futures for WTI crude oil rose by 2 dollars 57 cents to 68 dollars 11 cents a barrel. Saudi Energy Minister Khalid al-Falih told reporters that OPEC members agreed on an overall increase in oil production by 1 million barrels per day. However, according to him, the actual increase in production will be lower taking into account the problems in a number of OPEC countries. Dow Jones writes that, according to experts, the potential shortage of oil in the world market will be 1 million 800 thousand barrels per day, so do not expect an excess due to the planned OPEC increase in production.

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