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Oil market: no sharp moves ahead of OPEC+ meeting

Oil prices logged gains on Thursday, July 1, although the benchmarks showed diverging growth. Brent rose 1.03% to $75.3/bbl, whereas WTI advanced 1.7%, reaching $74.4/bbl and retracing to another three-year high.

The OPEC+ ministerial meeting did not take place yesterday and was rolled back to this evening due to the hardline position of the UAE Minister of Energy, who believes that an increase in oil production by 2 mbpd proposed by Russia and Saudi Arabia from August could push down crude prices. The UAE maintains that the risk of Iran boosting oil exports is quite high, while a spike in production could lead to both loss of market shares by other OPEC and OPEC+ participants, and another sharp drop in prices. Iraq also subscribes to this viewpoint.

Today, ahead of the ministerial meeting, consultations within the OPEC+ alliance continue, the market remains moderately optimistic, so there have not been any sharp moves, with Brent up 0.30%, and WTI trading 0.34% higher. Our Brent price forecast for today is $75-76/bbl.

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