Logo of the Organization of Petroleum Exporting Countries (OPEC)
Andrey Rudakov | Bloomberg | Getty images
The Crude oil futures of the United States fell more than 4% on Sunday, after OPEC+ agreed to increase production for a second month.
We raw It dropped $ 2.49, or 4.27%, to $ 55.80 per barrel shortly after the opening of the negotiation. Global reference point Brent It fell $ 2.39, or 3.9%, to $ 58.90 per barrel. Oil prices have fallen more than 20% this year.
The eight producers of the group, led by Saudi Arabia, agreed on Saturday to increase production by another 411,000 barrels per day in June. The decision occurs a month after the OPEC+ surprised the market by accepting the production of increase in May in the same amount.
The increase in June production is almost triple 140,000 BPD that Goldman Sachs had originally predicted. OPEC+ is bringing more than 800,000 BPD of additional supply to the market within two months.
Oil prices in April registered the greatest monthly loss since 2021, since the tariffs of the president of the United States, Donald Trump, have increased the recession that will delay demand at the same time as the OPEC+ is rapidly increasing the offer.
Petrolero field service companies such as Baker Hughes and SLB They expect investment in exploration and production to decrease this year due to the weak pricing environment.
“The prospects for an excessive oil market, upward tariffs, uncertainty in Mexico and the weakness of the activity in Saudi Arabia are the levels of contractal ascent expense of collectivation,” said Baker Hughes CEO, Lorenzo Simonelli, about the first of the company.
Oil Majors Chevron and Exxon reported profits from the first quarter last week that fell compared to the same period in 2024 due to the lowest prices of oil.
Goldman predicts that the prices of the United States and Brent will avararran $ 59 and $ 63 per barrel, respectively, this year.
