Oil prices fall on the back of the “OPEC +” meeting

Global oil prices fell on Friday afternoon by about 1%, as markets continue to assess the outcome of the “OPEC +” meeting.
As of 12:46 Moscow time (09:46 GMT), the price of Brent crude futures for August decreased by 0.7%, to $ 116.8 a barrel, and West Texas Intermediate crude futures for July decreased by 0.8%, to $115.94.
Earlier, Russian Deputy Prime Minister Alexander Novak announced that the OPEC + alliance saw the need to increase oil production in July and August by 648,000 barrels per day to meet the increasing demand.
Novak told Rossiya 24 channel, “The increase that was scheduled for the month of September will be transferred in equal shares for the months of July and August of this year. That is, the total increase in July will be 648,000 barrels per day, and it was planned in Previously, it was 432 barrels per day.
According to Novak, the decision was made “to meet the growing demand”.
“Of course, this is the right decision that will balance the market and ensure a balance between supply and demand,” Novak added.