The prices of oil have dropped on Monday, after OPEC+ decided to increase production by 188,000 bpd starting in August. Exports from the Gulf are recovering.

Crude oil prices recorded a decline on Monday, influenced by the OPEC+ decision to increase production by 188,000 barrels per day starting in August.

At 09:42 GMT, the price of Brent crude oil fell by $0.41, reaching $71.71, while the WTI price dropped by $0.37, to $68.32. This decline occurred in the context of recovering exports through the Strait of Hormuz, despite the uncertainties generated by conflicts in the Middle East. Although OPEC+ agreed to increase production, it remains largely symbolic, considering the impact of the war on oil traffic. Analyst Tamas Varga from PVM mentioned that, despite hopes for a price recovery, the market is facing a decline. Additionally, a contraction in global oil demand of 1.5 million bpd is expected by 2026, according to forecasts from ANZ bank.