12:01 - 22.05.2025

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May 22, Fineko/abc.az. Oil prices have fallen by 2% in the last hour amid reports that OPEC+ members are discussing the possibility of another significant increase in oil production.

ABC.AZ reports that while the market is evaluating the possibility of increasing supply, shares of energy companies are under pressure because of fears of a potential glut in the market.

According to a Bloomberg News report on Thursday, discussions include a possible production increase of 411,000 b/d in July. Although OPEC+ has not yet reached a final agreement, the prospects for increased production are weighing on market sentiment.
Reuters adds that OPEC+ could accelerate growth in oil production, potentially bringing additional 2.2 million b/d back to the market by November, including an accelerated increase in July.