Prior to the weekend's virtual meeting, market expectations were that the oil cartel would increase production to the same extent as in recent months, i.e. 411,000 barrels per day. Instead, they have now chosen to accelerate production by 548,000 barrels per day from August.
This is due to "steady global economic outlook and good market conditions", it says in a statement.
In the spring, the message was that the cartel planned to increase production by 138,000 barrels per day from April, month by month until September 2026. But already in May, that figure was tripled to 411,000 barrels - to now increase again.
From the analysts' point of view, the message is interpreted as the cartel, which includes, among others, Saudi Arabia and Russia, trying to take market shares from rival producers, including the USA. This is happening at the same time as the oil price has fallen so far this year due to decreased demand, including from China.
A barrel of North Sea oil (Brent) was traded at the close on Friday for 68.2 dollars, and a barrel of American WTI oil is traded for 65.5 dollars.
In trading, both fell by just over 0.7 percent.
The Opec plus countries will meet again on August 3.
